• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Party City to close all of its stores, report says

by December 21, 2024
written by December 21, 2024

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 comment
0
FacebookTwitterPinterestEmail

previous post
House passes funding bill with just hours until government shutdown
next post
CFPB sues America’s largest banks for ‘allowing fraud to fester’ on Zelle

related articles

U.S. foreign tax bill sends jitters across Wall...

May 30, 2025

Amazon taps Xbox co-founder to lead new team...

May 30, 2025

Nvidia results spark global chip rally

May 30, 2025

Boeing to resume airplane deliveries to China next...

May 29, 2025

E.l.f. Beauty to acquire Hailey Bieber skin care...

May 29, 2025

Dick’s Sporting Goods stands by full-year guidance —...

May 28, 2025

Macy’s CEO says retailer will hike some prices...

May 28, 2025

23andMe to delist from Nasdaq, deregister with SEC

May 28, 2025

Walmart fined for shipping realistic toy guns to...

May 28, 2025

Why Trump’s iPhone tariff threat might not be...

May 25, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Microsoft fires back at Delta after massive outage, says airline declined ‘repeated’ offers for help

    August 8, 2024
  • Morning Glory: The secret weapon of J.D. Vance

    July 18, 2024
  • Bernie Sanders compares Trump, Musk and other ‘oligarchs’ to ‘heroin addicts,’ says drug of choice is ‘greed’

    April 15, 2025
  • The White Stripes sue Trump for using ‘Seven Nation Army’ in campaign video

    September 10, 2024
  • Biden-era guidance encouraged use of Signal app by highly-targeted govt officials: ‘Best practice’

    March 25, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,735)
  • Investing (624)
  • Stock (775)

Latest Posts

  • Dem Rep. Dean Phillips blasts Biden after Hunter pardon, says some people ‘are indeed above the law’

    December 3, 2024
  • Trump says public entitlements like Social Security, Medicaid won’t be touched in GOP budget bill

    May 1, 2025
  • Cantor Fitzgerald sets $20 price target for Core Scientific stock: Should you buy?

    July 18, 2024

Recent Posts

  • White House to impose tariffs on Mexico, Canada and China due to ‘invasion of illegal fentanyl’

    January 31, 2025
  • Stefanik plans to push Trump’s ‘America First’ agenda at UN, make sure it ‘serves the interests’ of US people

    January 21, 2025
  • Former President Jimmy Carter remembered and praised as a humanitarian around the world

    December 30, 2024

Editor’s Pick

  • Climate lawfare is running into a powerful force liberals didn’t expect

    February 10, 2025
  • Boeing delivered 30 airplanes in December, but gap with Airbus widened in 2024

    January 14, 2025
  • Unfinished Business: The budget cuts Musk couldn’t complete and what’s next for DOGE

    May 30, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.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 © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock