Party City announced it is closing operations immediately, with corporate employees’ last day of employment on Friday and no severance pay or continued benefits. Store managers were informed that all stores would shut down by February 1, following weeks of speculation about the company’s financial troubles. Employees expressed frustration over management's lack of communication about the situation, despite earlier meetings failing to mention potential issues. Party City has struggled financially for years, facing challenges like a helium shortage in 2019, pandemic-related costs, and competition from major retailers, leading to losses every year since 2019 and bankruptcy in January 2023. The company had $1.7 billion in debt before bankruptcy and closed over 80 stores in the past two years, but its efforts to recover were hindered by inflation and reduced consumer spending. Continue here.
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