Photo taken on Dec. 20, 2024 shows a Party City store in Baldwin Park, Los Angeles, California, the United States. Party City, the largest retailer of party goods in North America, will shut down all of its stores, ending nearly 40 years in business, U.S. media reported on Friday. (Photo by Zeng Hui/Xinhua)
LOS ANGELES, Dec. 20 (Xinhua) -- Party City, the largest retailer of party goods in North America, will shut down all of its stores, ending nearly 40 years in business, U.S. media reported on Friday.
Barry Litwin, the chief executive officer of Party City, told corporate employees Friday in a meeting viewed by CNN that the company is "winding down" operations immediately and that Friday will be their last day of employment.
Party City's "very best efforts have not been enough to overcome" its financial challenges, resulting in the company's collapse, Litwin was quoted as saying by CNN.
CNN reported that Party City filed for bankruptcy in January 2023 after struggling to pay off its 1.7 billion U.S. dollars debt load.
It recently exited bankruptcy in September 2023. That plan included the canceling of nearly 1 billion dollars in debt, the dissolution of its stock and a majority of its U.S. stores staying open, according to CNN.
The company had closed more than 80 stores from the end of 2022 to August 2024, CNN reported, citing the company's most recent financial documents. The company still had more than 800 million dollars in debt to overcome, which strained earnings this year, the report added.
Multiple news outlets reported earlier this month that the company may file for bankruptcy a second time.
Party City, headquartered in Woodcliff Lake, New Jersey, is a global leader in the celebrations industry, with its offerings spanning more than 70 countries around the world. It operates more than 700 company-owned and franchise stores across North America, according to the company. ■
Photo taken on Dec. 20, 2024 shows a Party City store in Baldwin Park, Los Angeles, California, the United States. Party City, the largest retailer of party goods in North America, will shut down all of its stores, ending nearly 40 years in business, U.S. media reported on Friday. (Photo by Zeng Hui/Xinhua)
A customer shops at a Party City store in Baldwin Park, Los Angeles, California, the United States, on Dec. 20, 2024. Party City, the largest retailer of party goods in North America, will shut down all of its stores, ending nearly 40 years in business, U.S. media reported on Friday. (Photo by Zeng Hui/Xinhua)
Customers shop at a Party City store in Baldwin Park, Los Angeles, California, the United States, on Dec. 20, 2024. Party City, the largest retailer of party goods in North America, will shut down all of its stores, ending nearly 40 years in business, U.S. media reported on Friday. (Photo by Zeng Hui/Xinhua)
