CEO Barry Litwin expressed, 'That is without question the most difficult message that I've ever had to deliver,' addressing corporate employees about the immediate winddown of Party City's operations.
Litwin emphasized the company’s efforts, stating, 'It's really important for you to know that we've done everything possible that we could to try to avoid this outcome.' Despite their endeavors, the winddown became necessary.
Although Party City exited bankruptcy in September 2023, they faced significant debt challenges; having closed over 80 stores since the end of 2022.
Despite previous restructuring attempts, Party City succumbed to financial pressure, with CEO Litwin indicating that their very best efforts were still insufficient to resolve ongoing financial difficulties.
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