Party City is closing down all of its stores after nearly 40 years in business, CEO Barry Litwin announced in a meeting with corporate employees. The company cited financial challenges as the reason for its collapse, despite efforts to avoid this outcome. Party City had struggled with a significant debt load and competition from e-commerce sites and big-box retailers. The closure of Party City adds to the growing list of retailer bankruptcies in 2024, as customers reduce discretionary spending amid rising costs.
Source: https://cbs58.com/news/party-city-is-going-out-of-business