Unique Crypto Strategies
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

Unique Crypto Strategies

Business

Party City to close all of its stores, report says

by December 21, 2024
December 21, 2024
Party City to close all of its stores, report says

Party City on Friday announced it will close all of its stores and has initiated corporate layoffs effective immediately, according to a CNN report.

CEO Barry Litwin told corporate employees in a meeting viewed by CNN that Party City has to “commence a winddown process immediately,” and that Friday would be their last day of work for the company.

“That is without question the most difficult message that I’ve ever had to deliver,” Litwin said at the meeting, according to the report.

CNN reported the company’s closure was due to ongoing financial challenges at the party supply retailer, which less than two years ago filed for bankruptcy protection over its inability to pay off $1.7 billion in debt.

The New Jersey-based chain exited bankruptcy in September 2023 through a plan that included transitioning into a privately held company and canceling nearly $1 billion in debt. A majority of its 800 U.S. stores were able to stay open as it emerged from bankruptcy.

Litwin was named CEO in August and said at the time he saw “many opportunities to strengthen our financial performance and build a leading end-to-end celebration experience for consumers,” according to a press release. 

Prior to his appointment, he was the CEO of Global Industrial Company, a distribution leader in industrial products.

Competition in the party goods and costume space has grown in recent years, including Spirit Halloween’s continued rise within and outside of the spooky season. The holiday costume chain announced in October that it would open 10 new “Spirit Christmas” stores, with some of the stores being converted from existing Spirit Halloween locations.

Online retailers have also added pressure to Party City’s operation, even as the company began to offer items on Amazon in 2018.

Representatives for Party City did not immediately respond to CNBC’s request for comment on CNN’s report or potential story closures. Read the full CNN report here.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Opawica Announces the Closing of Non-Brokered Private Placement
next post
A ‘pro-America’ India could help New Delhi win over Trump

You may also like

Retail crime ‘queenpin’ to pay millions in restitution...

Microsoft reveals its first quantum computing chip, the...

Trump commutes sentence of Ozy Media founder Carlos...

OpenAI considering 16 states for data center campuses...

How Trump could spare Biden’s renewable energy credits...

Donatella Versace steps down as head of Italian...

Mattel says Barbies and Hot Wheels could soon...

JPMorgan begins suing customers who allegedly stole thousands...

Vince McMahon settles with SEC over hush money...

Data center boom in world’s largest market isn’t...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Altech Batteries LtdDNV Comparison Study on CERENERGY Technology

    • Visible Gold and New Targets Identified at Music Well

    • Musk officially steps down from DOGE after wrapping work streamlining government

    • HHS slams ‘under-tested’ mRNA technology as Trump cuts Moderna’s vaccine funding

    • State Department says it will ‘aggressively’ revoke visas for Chinese students

    Categories

    • Business (474)
    • Investing (2,242)
    • Politics (3,682)
    • Uncategorized (1)
    • World (2,375)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: uniquecryptostrategies.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 uniquecryptostrategies.com | All Rights Reserved


    Back To Top