The U.S. retailer’s party, which has captivated birthdays, anniversaries, baby showers and weddings for decades, is over.
Party City Holdco’s CEO told employees Friday that the company will be closing all of its stores, CNN reported.
The country’s largest retailer of party supplies has been struggling with sluggish sales and is having to pay rent on its roughly 800 stores. There are at least 80 stores in California.
See also: Sale plan to Nexus Capital falls through, and liquidation of large property looms
“This is without a doubt the most difficult message I’ve ever had to convey,” Barry Litwin said during the meeting, which was held via video conference and viewed by CNN. Ta.
According to CNN, the company’s employees’ last day is Friday. No retirement benefits are expected.
Bloomberg reported earlier this week that the company plans to file for bankruptcy again within the next two weeks. It is highly likely that this process led to the liquidation of the store. The New Jersey-based company last emerged from bankruptcy in October 2023.
Party City, founded in 1986, is one of several struggling retailers.
Bankrupt retailer Big Lots announced earlier this week that the sale of its assets to Nexus Capital Management will not be completed. According to a report from Bloomberg, the company plans to begin selling its stores in the coming days to protect the value of its real estate.
After months of losses, Container Store is preparing to file for bankruptcy in the coming weeks.
First published: December 20, 2024 11:31 AM PST
