Reported about 10 hours ago
After nearly 40 years as a popular destination for party supplies, Party City has announced it will close around 700 stores nationwide as it files for Chapter 11 bankruptcy protection for the second time in less than two years. The company cited inflationary pressures and intense competition from retail giants as reasons for this decision, emphasizing efforts to restructure and maximize value for stakeholders. While the company will retain over 95% of its employees during the shutdown process, it faces severe economic challenges that made continued operations unfeasible.
Source: YAHOO