Annual financial reports of major retailers

Party City to Close All U.S. Stores Immediately; 16,300 Employees Laid Off Without Severance

Dec 20, 2024, 08:00 PM

Party City, the largest party supply retailer in the U.S., is closing all of its over 800 stores across 45 states and Puerto Rico, winding down operations after nearly 40 years in business. CEO Barry Litwin informed corporate employees on Friday that today would be their last day of employment and that they would not receive severance pay, marking an immediate end to operations. The closure affects approximately 16,300 employees. The company had emerged from bankruptcy in September but continued to face $800 million in debt. Despite the shutdown of U.S. stores, Canadian locations will remain open and continue operations.