Party City is reportedly closing all of its locations nationwide after being in business for almost 40 years, according to a report from CNN.
The outlet reported that Party City CEO Barry Litwin had informed “corporate employees” during a video conference call that the party supply business had “done everything possible” to avoid shutting down, but added that it was “necessary to commence a winddown process immediately.”
During the video call, which was reportedly “viewed by CNN,” Litwin explained that Friday would be the employee’s last day, and that they would reportedly “not receive severance pay,” according to the outlet.
“It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin reportedly said. “Unfortunately, it’s necessary to commence a winddown process immediately.”
In addition to Litwin’s revelation, some employees reportedly “received letters” that stores would be closing down on February 28, 2025. Employees were reportedly thanked for their “valued contributions and service to the company,” according to the outlet.
Also on Friday, some of Party City’s store employees received letters that the company would close down stores on February 28, at which point store staff would be terminated.
“Although Party City believes these closings are in the best interest of the company, we regret tht we have had to take this step and thank you for your valued contributions and service to the company,” the letter stated.
CNN noted that in September 2023, Party City had exited bankruptcy, after previously declaring bankruptcy in January 2023.
