Party City Files for Bankruptcy: Employees Out of Work Before Christmas
Party City, the largest US party supply store, is immediately ceasing operations after nearly four decades in business. CEO Barry Litwin cited insurmountable financial challenges, including inflation’s impact on costs and consumer spending, as the reason for the closure. The company, which recently emerged from bankruptcy, failed to overcome its substantial debt burden despite efforts to restructure. All employees, including both corporate and store staff, were terminated without severance pay.
John Q. Hosedrinker