Party City Announces Immediate Closure of All Stores After Financial Struggles

The iconic party supply chain is shutting down operations, leaving thousands of employees without severance or benefits.

Party City CEO Barry Litwin announced the closure of approximately 850 stores across the U.S., Mexico, and Canada during a Friday meeting.
The company, burdened by $800 million in debt and having declared bankruptcy in January 2023, failed to recover despite efforts to restructure.
Employees were informed that operations would cease immediately, with no severance pay provided and benefits ending abruptly.
Party City faced challenges from e-commerce competitors like Amazon and a helium shortage that impacted its balloon sales, a key revenue stream.
The closure affects thousands of full-time and part-time employees, marking the end of the brand's 40-year history as a leading party supply retailer.