Party City to Close All Stores After 40 Years, CEO Barry Litwin Cites $800 Million Debt

Dec 20, 2024, 06:00 PM

Party City, the largest party supply store in the United States, is closing down all of its stores after nearly 40 years in business. CEO Barry Litwin informed corporate employees on Friday that the company is immediately 'winding down' operations and that today will be their last day of employment. The decision comes after Party City exited bankruptcy in September 2023, but still faced over $800 million in debt. The company had previously closed more than 80 stores from the end of 2022 to August 2024 and had approximately 6,400 full-time and 10,100 part-time workers as of 2021.