After 40 years in business, Party City is closing all of their stores. According to CNN, CEO Barry Litwin held a meeting with corporate employees, telling them that the company is "winding down" operations and that today is their last day of employment. He stated, "That is without question the most difficult message that I’ve ever had to deliver," adding that their "very best efforts have not been enough to overcome" the financial challenges they face. He said, "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 wind-down process immediately."
The company filed for bankruptcy last year, citing high inflation, the impacts of the pandemic as well as a shortage of helium for balloons, but after closing a few dozen stores, they were able to restructure and come out of it. However, they have not been able to overcome the debt.
Party City is the country's biggest party supply store with, as of 2021, 6,400 full-time employees and over 10,000 part-timers. No word yet on when the stores will close for good.