Party City Closing All Stores, Laying Off 16,300 Employees After 40 Years

Dec 20, 2024, 07:00 PM

Party City, the well-known party supplies retailer, is closing all of its stores and winding down operations after nearly 40 years in business. CEO Barry Litwin informed corporate employees that today would be their last day of employment as the company begins the immediate shutdown without offering severance pay. The closure affects more than 16,300 employees across over 800 stores nationwide. Party City had previously exited bankruptcy in September but continues to face significant financial challenges, including $800 million in debt.