After being in business for nearly 40 years, Party City is going out of business.
According to reports, the company’s CEO Barry Litwin told his corporate employees that the company was “winding down operations immediately” and that today will be their last day.
In the meeting, he also said, “That is without question the most difficult message that I’ve ever had to deliver.” He added, “Party City’s very best efforts have not been enough to overcome,” due to financial challenges.
He continued, “It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome. Unfortunately, it’s necessary to commence a winddown process immediately.”
Four months ago, the company announced that Barry Litwin had assumed the position of CEO. On LinkedIn, he wrote that his “main priority is to strengthen our financial health, and there is work ahead of us.”
A month into his new role, Party City had exited bankruptcy after declaring bankruptcy in January 2023. The company was having an issue with paying off a $1.7 billion debt but was able to cancel it by filing for bankruptcy.
The company was able to keep over 800 stores open, however, they closed over 80 locations between 2022 and 2024. Party City is the largest party supply retailer in the United States.
There is no word on when the store will officially close its doors.