Party City to close all of its stores, report says

Company Overview - Party City exited bankruptcy in September 2023, transitioning into a privately held company and canceling nearly $1 billion in debt, with a majority of its 800 U.S. stores remaining open [1] - The company announced it will close all of its stores and has initiated corporate layoffs effective immediately [7] Leadership and Management - CEO Barry Litwin communicated to employees that the company must "commence a winddown process immediately," indicating that Friday would be their last day of work [3][5] - Litwin was appointed CEO in August and previously led Global Industrial Company, a distribution leader in industrial products [4][8] Financial Challenges - The closure is attributed to ongoing financial challenges, as Party City had filed for bankruptcy protection less than two years ago due to an inability to pay off $1.7 billion in debt [9] - The company faced increased competition in the party goods and costume space, particularly from Spirit Halloween, which has expanded its operations [6][10] Market Dynamics - Online retailers have added pressure to Party City's operations, despite the company beginning to offer items on Amazon in 2018 [10]