PARTY City is closing its 695 locations across the country as the long-struggling business heads for its final collapse.
The party supply retailer announced just before Christmas that it would be closing completely in 2025.
Details are emerging about the imminent closure as the company filed its second bankruptcy in two years.
The New Jersey-based retailer now has just weeks left.
LAST DAYS
Many of the company’s locations are set to close on February 28, executives said in a meeting viewed by CNN.
It’s not clear whether every store will need to close its doors by then, or if some may shut sooner.
It’s common for closing businesses to shut locations early if they run out of stock ahead of the official closing date.
But now all 695 remaining store locations are up for auction.
The auction date is still to be determined, according to property managers A&G Partners.
Party City representatives could not immediately be reached for comment to confirm when locations will close.
At its peak, the company had over 800 locations, but it has struggled to pay off its debts.
Debt became crushing even after the company exited bankruptcy in 2023.
CORPORATE MELTDOWN
News of the shutdown broke in dramatic fashion.
According to CNN, corporate executives were told on December 20 that it was their last day of work.
They did not get severance pay, and were warned their benefits would end.
In the pre-Christmas message, CEO Barry Litwin said it was a tough announcement to make.
“It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said in the meeting viewed by CNN. “Unfortunately, it’s necessary to commence a winddown process immediately.”
Litwin blamed inflation.
INFLATION NATION
High costs of living have caused problems for many companies as their supplies have become more expensive and shoppers have become tired of high prices.
While inflation is down significantly from its peak in 2022, people are still feeling the crunch.
A Texan retailer is closing one-third of its outlets thanks in part to high prices.
See more chains that faced mass closures in 2024.
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