According to a CNN story, Party City stated on Friday that it would liquidate all of its locations and has started corporate layoffs that will take effect immediately.
In a meeting seen by CNN, CEO Barry Litwin informed corporate staff that Party City must “start a winddown process immediately” and that Friday would be their final day of employment.
According to the report, Litwin said at the discussion, “That is without a doubt the most difficult message that I’ve ever had to deliver.” According to CNN,
The party supplies retailer’s continuous financial difficulties led to its demise. Less than two years ago, the firm filed for bankruptcy protection owing to its failure to pay off $1.7 billion in debt.
In September 2023, the New Jersey-based brand emerged from bankruptcy with a plan that included debt cancellation of around $1 billion and a move to a privately owned business.
As it came out of bankruptcy, most of its 800 locations in the United States managed to remain operating. According to a news announcement, Litwin,
