The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

Party City to close all of its stores, report says

by admin December 21, 2024
December 21, 2024
Party City to close all of its stores, report says

Party City on Friday announced it will close all of its stores and has initiated corporate layoffs effective immediately, according to a CNN report.

CEO Barry Litwin told corporate employees in a meeting viewed by CNN that Party City has to “commence a winddown process immediately,” and that Friday would be their last day of work for the company.

“That is without question the most difficult message that I’ve ever had to deliver,” Litwin said at the meeting, according to the report.

CNN reported the company’s closure was due to ongoing financial challenges at the party supply retailer, which less than two years ago filed for bankruptcy protection over its inability to pay off $1.7 billion in debt.

The New Jersey-based chain exited bankruptcy in September 2023 through a plan that included transitioning into a privately held company and canceling nearly $1 billion in debt. A majority of its 800 U.S. stores were able to stay open as it emerged from bankruptcy.

Litwin was named CEO in August and said at the time he saw “many opportunities to strengthen our financial performance and build a leading end-to-end celebration experience for consumers,” according to a press release. 

Prior to his appointment, he was the CEO of Global Industrial Company, a distribution leader in industrial products.

Competition in the party goods and costume space has grown in recent years, including Spirit Halloween’s continued rise within and outside of the spooky season. The holiday costume chain announced in October that it would open 10 new “Spirit Christmas” stores, with some of the stores being converted from existing Spirit Halloween locations.

Online retailers have also added pressure to Party City’s operation, even as the company began to offer items on Amazon in 2018.

Representatives for Party City did not immediately respond to CNBC’s request for comment on CNN’s report or potential story closures. Read the full CNN report here.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
How Vuori reached a $5.5 billion valuation by taking share from Lululemon
next post
Starbucks union announces strike to last through Christmas Eve in 3 major cities

Related Posts

Amazon AI scammers duped investors out of millions...

March 20, 2025

Inflation pressure lingering from pandemic is keeping Fed...

May 30, 2024

Shredded cheese recall over listeria concerns in 15...

March 9, 2024

Some consumers are punting big purchases like pools...

May 19, 2024

Dental supply stock surges on RFK’s anti-fluoride stance,...

November 20, 2024

Spirit AeroSystems to furlough 700 workers as Boeing...

October 22, 2024

India’s 2nd-wealthiest person charged by U.S. in $250...

November 22, 2024

Gas prices are rising. Here’s how to stretch...

July 8, 2024

Dick’s Sporting Goods to buy struggling Foot Locker...

May 16, 2025

Citadel’s Ken Griffin buys a stegosaurus for $45...

July 19, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

      August 10, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 10, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 10, 2025
    • Sydney Sweeney jeans controversy making advertising great again

      August 10, 2025
    • Nagasaki mayor issues chilling warning on 80th anniversary of atomic bombing

      August 10, 2025
    • Kash Patel celebrates major FBI achievements and record seizures during Trump’s first 200 days in office

      August 10, 2025

    Categories

    • Business (1,330)
    • Politics (4,206)
    • Stocks (1,577)
    • Uncategorized (45)
    • World News (1,323)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved