Reported about 22 hours ago
Party City has announced it is closing all stores and ceasing operations after nearly 40 years, citing insurmountable financial struggles. CEO Barry Litwin expressed regret in a recent meeting, stating that despite their efforts, they could not overcome the company's significant debt and competition, leading to an immediate winddown process. The company, which filed for bankruptcy in January 2023 and had made attempts to recover, has now succumbed to pressures from e-commerce and rising operational costs.
Source: YAHOO