Party City going out of business after 40 years

Core Insights - Party City is permanently shutting down due to ongoing operational challenges, with CEO Barry Litwin stating that the company's efforts have not been sufficient to overcome these issues [1][4] - The company is expected to initiate widespread store closures starting in February, impacting corporate employees who will lose their jobs [1][2] Company Background - As of late October, Party City operated over 700 company-owned and franchised stores across North America [2] - The company had recently exited bankruptcy approximately 14 months ago, having eliminated nearly $1 billion in debt and improved its capital structure [3] Financial Challenges - The retailer has faced difficulties attributed to inflation, debt, and other factors, which have significantly impacted its operations [5] - Speculation regarding a potential second bankruptcy filing surfaced prior to the announcement of the shutdown [3] Market Presence - Party City was delisted from the New York Stock Exchange in January 2023 following its bankruptcy process, after trading on the exchange for about eight years [7]