NEW YORK (TNND) — The party is over.
Party City, which has been in business for nearly four decades, is set to close all of its stores, according to a report.
CNN said Party City CEO Barry Litwin spoke with corporate employees on Friday and told them the company is immediately “winding down” operations. He also informed them “today will be their last day of employment,” the media outlet noted.
“That is without question the most difficult message that I’ve ever had to deliver,” Litwin said, per CNN.
In 2023, Party City Holdco Inc., filed for Chapter 11 bankruptcy protection in hopes of restructuring its debt in the wake of supply chain issues and rising inflation.
According to its website, Party City has more than 700 company-owned and franchise stores across North America and is “a global leader in the celebrations industry, delivering joy and inspiration to customers across more than 70 countries.”
“As North America’s largest party goods retailer, Party City is the go-to shopping destination for every type of celebration, offering an extensive and innovative selection of products at exceptional value,” the website noted.
The National News Desk reached out to Party City for more information and will update this story as soon as more information becomes available.