Party City is closing all stores in the US, including Mississippi

New Jersey-based retail chain Party City has announced plans to close all stores. Here’s what we know.

On Friday, CNN reported that CEO Barry Litwin told employees in a phone call that it was their last day at work.

“This is without question the most difficult message I have ever had to deliver,” Litwin said at the meeting, according to CNN, adding that “Party City’s very best efforts have not been enough to overcome the financial challenges.”

The company filed for bankruptcy in 2023 and exited bankruptcy that same year.

As part of its bankruptcy plan, the company’s debt was reduced by $1 billion and the equity shares were turned over to the retailer’s lenders. Brad Weston, the previous CEO, left the company and the company closed several of its underperforming stores. But Party City has been suffering from years of declining sales and the chain has been behind on rent at some locations, according to Bloomberg News.

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