Party City, a chain of party supply stores, is shutting down all its locations nationwide, including over a dozen in the Philadelphia area. The company cited difficult economic conditions and inflationary pressures as contributing factors to its closure.
The Bergen County, N.J.-based chain announced Saturday that it was starting a'wind down process.' Stores remain open, with going-out-of-business sales of up to 50% off. The Party City in Deptford is one of 14 Philly-area stores that are set to close as the Bergen County-based chain goes out of business. Party City will soon be closing all its stores, including more than a dozen in the Philadelphia region.
'The decision was made following exhaustive efforts by the company to find a path forward,' Party City said in a statement, noting the 'immensely challenging environment' with 'inflationary pressures on costs and consumer spending.' previously filed for Chapter 11 bankruptcy last January . It emerged later that year having eliminated almost $1 billion in debt, negotiated better lease terms, and closed underperforming stores. 'As with many other retailers, macroeconomic headwinds more recently proved too severe for the company to overcome,' the Saturday statement said. Party City said it plans to retain more than 95% of its 12,000 employees 'for some time' to help with store closures.It offered a wide variety of items, including Santa costumes, holiday wreaths, New Year’s Eve banners, bulk candy, giant balloons, and other accessories for birthdays, football parties, bachelorettes, baby and wedding showers, and gender reveals. Fairless Hills Shopping Center: 461 S. Oxford Valley Rd., Fairless Hills Cooper’s Plaza: 79 New Jersey Route 73, Voorhees Townshi
Retail BANKRUPTCY Closures Inflation Party City
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