Party City, a major party supply retailer, is closing all 850+ stores due to financial issues and online competition.
Party City, a major party supply retailer with over 850 stores nationwide, is shutting down all its locations due to financial struggles and competition from online retailers. The company, founded in 1986, had already filed for bankruptcy and closed over 80 stores previously. CEO Barry Litwin informed employees about the closure, which will affect many workers as they face unemployment without severance pay. This closure follows Big Lots' decision to close its stores after a failed rescue deal, highlighting the challenges faced by brick-and-mortar retailers in the current market.
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