Party City, the largest party supply store in the US, is shutting down its nearly 800 stores after nearly four decades in business. The company cited financial challenges as the reason for its collapse, citing inflation and increased competition from e-commerce sites and big-box retailers. CEO Barry Litwin told employees that the company’s “very best efforts” had not been enough to overcome these challenges, resulting in the decision to wind down operations immediately. Employees will not receive severance pay and their benefits will end as the company goes out of business. This move comes after the company had already declared bankruptcy a month ago under Litwin’s leadership and struggled to pay off its $1.7 billion debt load.
Source: https://edition.cnn.com/2024/12/20/business/party-city-shut-down/index.html