Party City has begun its 'wind down' of retail and wholesale operations, preparing to permanently close all locations after nearly 40 years in business due to insurmountable macroeconomic challenges.
Despite reducing its debt by close to $1 billion after filing for bankruptcy in January, Party City struggled to adapt to inflationary pressures and heightened competition from retailers and online sellers.
The once-dominant party supply retailer cited challenges from increased costs and shifts in consumer spending as key factors leading to its decision to cease operations.
With about 700 stores and 12,000 employees set to close by February 28, Party City’s closure highlights the impact of ongoing economic issues on traditional retail.
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