Consequently, the business has failed and is no longer viable. According to reports, this occurred as the company attempted to fight inflation by raising prices.
Nevertheless, the increased cost resulted in lower consumer spending. As previously said, PC’s largest problem has been money.
Four months ago, and one month following the company’s January 2023 bankruptcy declaration, Litwin became its CEO.
About $1 billion of Party City’s $1.7 billion in debt at the time was paid off by declaring bankruptcy. However, their 2024 profits were negatively impacted by the residual debt of about $800 million.
According to CNN, staff members started to think something was going on! Party City told its product development crew to go back home two weeks ago for their own safety.
Allegedly, the business had ceased to pay its foreign suppliers. On December 10, all corporate workers were also told to return home.
