Party City, a leading retailer in party supplies with over 800 locations, is closing all its stores before New Year's Eve due to financial struggles.
CEO Barry Litwin, who was appointed four months ago, announced the closure, stating the company's efforts to address inflation and decline in sales have been insufficient.
Changing consumer habits have shifted away from in-store shopping, and Party City faced stiff competition from other retailers like Spirit Halloween and Big Lots.
Party City's parent company, Party City Holdco Inc., was contemplating selling the business or filing for bankruptcy for the second time in under two years.
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