Party City closing all stores after 40 years in business
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Party City is planning to close all of its stores, more than a year after it exited bankruptcy, the retailer confirmed Saturday in an email to consumers.
Why it matters: The New Jersey-based party supplies company has been struggling for years even before the pandemic.
- CNN first reported the news of Party City plans to shutter all of its locations Friday.
Driving the news: Party City CEO Barry Litwin told corporate employees Friday that the company was "winding down" operations immediately and that today would be their last day of employment, CNN reported.
- Party City did not respond to Axios' request for comment.
The latest: On Saturday, Party City sent an email to consumers that said the company has "been operating in an immensely challenging environment with inflationary pressures on both costs and consumer spending."
- "While we did everything we could to navigate these headwinds, our very best efforts were ultimately not enough to overcome these challenges," the email said.
Are Party City stores closing and when?
Zoom in: Party City exited bankruptcy in September 2023 with nearly 800 locations in the U.S.
- CNN reported that store managers have been told that all locations would be shut Feb. 1.
- Some Party City store employees received letters Friday that said the company would close down stores on Feb. 28, according to CNN.
Party City stores still open — for now
What they're saying: In the email to consumers, the company said "Party City isn't going away just yet."
- "Our stores are currently open, and we are offering incredible deals and deep discounts on merchandise at our locations nationwide," the company said in the email.
Editor's note: This story was updated Saturday with information from a Party City email sent to consumers.
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