Party City is going out of business after nearly 40 years, report says
(Gray News) – Party City is closing all of its stores after nearly 40 years of business, according to a new report from CNN.
The report, published Friday, said Party City CEO Barry Litwin told employees that the company is “winding down” operations immediately.
He also told corporate employees that Friday would be their last day of employment.
“That is without question the most difficult message that I’ve ever had to deliver,” Litwin told employees during the meeting, according to CNN.
Party City declared bankruptcy in January 2023 after struggling to pay off its $1.7 billion in debt. CNN reports that after declaring bankruptcy, Party City initially managed to keep most of its 800 stores open, although it closed more than 80 locations.
On Friday, a franchise owner said some locations are working to stay open as independent party supply stores under the Party City name but would not be affiliated with the chain.
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