Party City Abruptly Closes All 800 Stores, All Staff Fired

CNN reports:

Party City is closing down all of its stores, ending nearly 40 years in business, CNN has learned. CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is “winding down” operations immediately and that today will be their last day of employment.

“That is without question the most difficult message that I’ve ever had to deliver,” Litwin said at the meeting, which was held on a video conference call. Party City’s “very best efforts have not been enough to overcome” its financial challenges, he added, resulting in the company’s collapse.

The chain is the largest party supply store in the United States and recently exited bankruptcy in September 2023. That plan included the canceling of nearly $1 billion in debt, the

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