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Party City To Close All Stores, Including Over 75 In CA: Report [Yahoo! Finance]
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party supplier in the country, according to CNN reporters who viewed a meeting of the company's corporate employees Friday. CEO Barry Litwin told corporate employees the company is “winding down” operations and Friday was their last day of employment. “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. Party City has over 75 stores in California , with locations in all major metro areas from Redding to San Diego. The move was expected. Several news outlets have reported the company was on the verge of collapse and had plans for its second bankruptcy filing in two years. The Woodcliff Lake, New Jersey-based party supply and craft retailer emerged from its first bankruptcy in September 2023 with $800 million in debt on the balance sheets
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