Party City Holdco's CEO Barry Litwin announced during a corporate meeting that the company would be closing all its stores due to ongoing financial struggles, which marks a significant end to its decades-long operation.
Despite being a staple in celebrations across America, Party City struggled with lagging sales and unable to meet its rent obligations on approximately 800 locations, leading to its imminent closure.
The company recently emerged from bankruptcy in October 2023, but continued financial instability prompted reports of another filing for bankruptcy, which could result in liquidation of its stores.
Party City follows a troubling trend among retailers, with Big Lots also facing liquidation and The Container Store preparing for its own bankruptcy, reflecting broader issues in the retail market.
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