• 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

JPMorgan marks 1,000th branch opening since 2018 expansion...

August 1, 2025

Apple crushes Wall Street expectations as iPhone sales...

August 1, 2025

Ontario cancels internet deal with Musk’s Starlink as...

July 31, 2025

Trump ends de minimis exemption for global low-cost...

July 31, 2025

Recall warns some Celsius energy drink cans accidentally...

July 31, 2025

Union Pacific to buy Norfolk in $85 billion...

July 29, 2025

Things are getting better at Boeing under CEO...

July 29, 2025

Elon Musk confirms Tesla has signed a $16.5...

July 28, 2025

Palantir joins list of 20 most valuable U.S....

July 26, 2025

FCC greenlights Paramount’s $8 billion merger with entertainment...

July 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

  • SCOOP: Inside progressives’ plan to have ‘thousands’ protest vulnerable Republican’s town hall

    April 24, 2025
  • Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams

    September 29, 2024
  • Theme of Trump’s address to Congress revealed

    March 4, 2025
  • Trump says Zelenskyy wants to back out of mineral deal, addresses 3rd term during gaggle

    March 31, 2025
  • Blinken says Gaza cease-fire is ‘imperative’ after killing of Hamas leader in Iran

    July 31, 2024

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

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

    July 19, 2024
  • 3

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

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

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

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,603)
  • Investing (634)
  • Stock (867)

Latest Posts

  • Iran, Israel and US agree that Islamic Republic nuclear sites were ‘badly damaged’ despite leaked intel report

    June 25, 2025
  • Former high-level United Nations officials to launch ‘DOGE-UN’ to highlight agency inefficiencies

    December 1, 2024
  • Gov Newsom says ‘everybody’s…jumping over each other’ to campaign for Kamala Harris

    August 20, 2024

Recent Posts

  • Kohl’s Shares Plunge 11%

    November 26, 2024
  • ‘Promises kept’: Trump signs executive order to ‘aggressively’ make IVF more affordable and accessible

    February 19, 2025
  • Hamas releases 3 more hostages, including US citizen, as part of fragile ceasefire deal

    February 1, 2025

Editor’s Pick

  • Iran’s Khamenei rejects US zero uranium enrichment demand as ‘100% against’ its interests

    June 4, 2025
  • RFK Jr says this is ‘2-man race’ after Biden drops presidential bid

    July 22, 2024
  • ‘Not constitutional’: Congress invokes new War Powers Resolution to reject Trump’s strikes on Iran

    June 22, 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