Party City to close its stores as company files for bankruptcy

Party City announced it will close nearly 700 stores and wind down operations after filing for Chapter 11 bankruptcy for the second time in two years.

Despite eliminating nearly $1 billion in debt during its 2023 restructuring, the company couldn’t overcome inflation, rising costs, and increased competition from Walmart, Target, and seasonal pop-up stores like Spirit Halloween.

Party City will retain over 95% of its 12,000 employees to assist with the shutdown, offering discounts of up to 50% on remaining inventory, ABC News has reported.

read more: https://abcnews.go.com/Business/wireStory/party-city-close-stores-company-files-bankruptcy-117034011

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