Paty City went into bankruptcy in January 2023 under $1.7bn of debt, and despite completed its Chapter 11 bankruptcy process, a remaining $800m debt has been too much to overcome for the company.
"The party's over. It's time to call it a day. They've burst your pretty balloon. And taken the moon away"
In the words of the famous song, The Party's Over, national retailer, Party City, who had over 750 corporate and franchised store nationwide, has announced that it was shuttering all its stores including several in the Orlando area.
Worst of all, Party City, one of the largest party store chains in the country is firing all tis workers without severance pay just days before Christmas,
Barry Litwin, the Party City CEO who was only appointed CEO of the New Jersey-based company in August , told employees that the chain was “winding down” operations immediately and that Friday, December 20 would be their last day of employment.
Staff were told they would not receive severance pay, and they were told their benefits would end as the company goes out of business, CNN reported.
Litwin said the company’s “very best efforts have not been enough to overcome” its financial challenges that had included inflation that had contributed to higher costs and dragged on consumer spending.
Party City went into bankruptcy in January 2023 under $1.7bn in debt. The bankruptcy cleared nearly $1bn in debt and remained $800m in debt, and has proved to be the companies downfall.
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