Party City, which specializes in party supplies and decorations, is filing for Chapter 11 bankruptcy for a second time in two years, announcing it will close approximately 750 stores across the U.S. by February 28. The imminent closure marks the end of an era for a chain that was known for its extensive inventory of costumes and party essentials. Customers are advised to shop soon for the best selection as the company begins its liquidation process.
Big Lots is also shutting down all stores after earlier filing for Chapter 11 in September and closing about 400 locations. The company is initiating liquidation sales with discounts up to 50% on Christmas decor, aiming to clear its remaining inventory before a March end date. The decision to start going out of business sales was made in light of challenges in securing a viable going concern deal, as articulated by Bruce Thorn, the company's president and CEO.
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