Party City is going out of business



                                                                    Watchmore

Party City is shutting down all of its stores after nearly 40 years in business. The company announced its immediate closure during a corporate meeting on Friday, with CEO Barry Litwin describing it as the "hardest message" he's ever had to communicate


Key Details
  • Over 700 stores across North America will be closed
  • The company filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas
  • This marks the company's second bankruptcy in two years, following a previous restructuring in September 2023
  • ​
Financial Challenges
Party City has been struggling with significant financial difficulties, including:
  • $1.7 billion in initial debt
  • Declining net sales (dropped from $502 million to $407 million in a year)
  • Competition from online retailers and big-box stores
  • Helium shortages and pandemic-related supply chain disruptions
The company will begin immediate wind-down operations, marking the end of its four-decade run in the retail party supply market.

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