7 sources·Business

Party City Announces Closure of All Stores Amid Financial Struggles

Party City will close all its stores immediately due to financial issues, marking the end of nearly 40 years in business.

The distribution of story sources: left-leaning (blue), center (light gray), and right-leaning (red).
Mostly Reliable
The underlying sources are generally reliable but sometimes include opinion, propaganda, or minor inaccuracies.
Balanced
The underlying sources are either a balanced mix of left and right or primarily centrist.
Subscribe to unlock this story

We really don't like cutting you off, but you've reached your monthly limit. At just $3/month or $30/year, subscriptions are how we keep this project going. Start your free 7-day trial today!

Get Started

No highlights available for this story.

Updated: Dec 20th, 2024, 7:29 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

Party City has announced the closure of all its stores effective immediately, following ongoing financial difficulties that persisted after bankruptcy protection in January 2023. CEO Barry Litwin indicated that the decision was necessary due to insurmountable debt and competition from online retailers. Employees were informed that their last day would be Friday, with some receiving notices of shutdown by February 28. The once-popular chain struggled to adapt to market changes and faced challenges like helium shortages, leading to this unfortunate end.

Perspectives

Compare opinions on this story from liberal (Left), conservative (Right) or center-leaning news organizations.

No center-leaning sources available for this story.

Party City Announces Closure of All Stores Amid Financial Struggles - Pano News