In a surprising turn of events, Party City has announced it will be closing all of its stores after 40 years in business.
FILE A shopper leaves a Party City store in Vernon Hills, Ill., Thursday, Oct. 15, 2020. Party City Holdco Inc. has filed for Chapter 11 bankruptcy protection, Wednesday, Jan. 18, 2023 as the party supply chain confronts inflationary pressures and a pullback in consumer spending. The party supplies chain, which operates more than 800 company-owned and franchise stores throughout North America, has been long struggling with increased competition from the likes of Walmart and Target.
The news outlet reported that Party City’s CEO, Barry Litwin, who was hired just four months ago, announced to corporate employees on Friday, telling them that Party City is “winding down” operations immediately.He also reportedly told the employees that Friday would be their last they, they would not receive severance pay and their benefits would end.
He added that despite the company’s “very best efforts” it was not enough to overcome their financial struggles. At the beginning of the year, in January, The New Jersey-based company filed for Chapter 11 bankruptcy protection, but said it had reached a pre-negotiated agreement with a bondholder group to support an “expedited restructuring” that is expected to be completed in the second quarter.The retailer reported business declined since the COVID-19 pandemic as it wrestled with slow sales during the lockdown along with several store closures.
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