Party City, the go-to spot for all things festive, is officially shutting its doors, and of course the news got folks feeling some kind of way.
From countless birthdays, graduations, and Halloween celebrations that started with a trip to Party City, where you could find everything from balloons to streamers, all ready to help you throw the bash of the century. Now, the retail store joins the growing list of major companies that have shut down its locations.
CEO Barry Litwin dropped the news on the employees on Friday, letting them know that the company is “winding down” immediately. That means today is the last day on the job for many hardworking folks who dedicated themselves to making our celebrations brighter. The exact timeline for closing all the locations isn’t crystal clear just yet, but reports say one spot in New Jersey might hang on until February or March, CNN notes.
As of 2021, Party City had a workforce of over 16,000 people, with 6,400 full-time and a whopping 10,100 part-time employees. That’s a lot of livelihoods connected to this party powerhouse! With more than 850 stores across the nation, it held the crown as the largest party retailer in North America.
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So how did things get to this point?
Litwin just stepped into the CEO role about four months ago, and back then, he was all about reviving the company’s financial health. Unfortunately that wasn’t enough. In January 2023, Party City filed for bankruptcy, and while they managed to emerge a month later, they were still burdened with over $800 million in debt.
From the end of 2022 to August 2024, the company closed more than 80 locations. There were even whispers that another bankruptcy filing might be on the horizon, which shows just how dire the situation was.
