Party City Holdings Inc. announced that it had filed for bankruptcy this weekend. Earlier, the retail chain announced mass layoffs at its New Jersey headquarters. The popular chain was among several retailers who faced a challenging year and decided to close all its stores early next year. As of now, there has been no announcement about the fate of its online site.
Party City filed Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas on Saturday. The filing states that the retail chain has assets and liabilities between $1 billion and $10 billion. The filing also noted that the company’s assets would be “up for bidding” if there was no sale, and “store closing sales” would help liquidate the company’s wholesale and retail inventory.
On Friday, CNN reported that CEO Barry Litwin told corporate employees at Party City that Friday would be their last day of employment as the retail chain was “winding down” operations. He noted that the retail chain’s “very best efforts” had not been enough to overcome the financial challenges faced by the company.
Although Party City marked down prices by about 20 percent this September, sales were tepid. Celebrating joyous events with party items and merchandise was not a priority for web fans who were balancing budgets and cutting down on discretionary purchases.
The party is over for Party City and many retail stores nationwide. Research firm Coresight Research has reported that more than 7,200 stores have been closed in the U.S. this year through November, while roughly 6,000 new stores were opened. In 2023, about 5,500 stores were closed, while more than 5750 new stores were opened.
The year 2024 has been a difficult year for retail businesses across the nation. Macy’s and Big Lots closed several stores this year, as did other retail chains.
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