Party City is going out of business [CNN]
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Source: CNN
CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is “winding down” operations immediately and that today will be their last day of employment. Staff were told they will not receive severance pay, and they were told their benefits would end as the company goes out of business. “That is without question the most difficult message that I've ever had to deliver,” Litwin said at the meeting, which was held on a video conference call. Party City's “very best efforts have not been enough to overcome” its financial challenges, he added, resulting in the company's collapse. Litwin said the company struggled to contend with inflation, which sent the company's costs higher and dragged down consumer spending. “It's really important for you to know that we've done everything possible that we could to try to avoid this outcome,” Litwin said. “Unfortunately, it's necessary to commence a winddown process immediately.” Party City didn't immediately r
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