For a U.S. retailer that brightened up birthdays, anniversaries, baby showers and weddings for a long time, the party is over.
Party City Holdco's chief executive told company employees Friday that the corporate would close all stores. based on a report from CNN.
The nation's largest party supplies retailer is affected by declining sales, putting pressure on the corporate to pay its rent at about 800 locations. There are at the least 80 locations in California.
See also: Big Lots faces liquidation after plan to sell to Nexus Capital falls through
The last day of labor for company employees is Friday, based on CNN. No severance pay is anticipated.
Bloomberg reported earlier this week that the corporate plans to file one other bankruptcy in the following two weeks. This process would likely have resulted within the closure of its branches. The New Jersey-based company last emerged from bankruptcy in October 2023.
Party City, founded in 1986, is considered one of several struggling retailers.
Bankrupt retailer Big Lots announced earlier this week that it could not complete the sale of its assets to Nexus Capital Management. The company will begin selling its businesses in the approaching days to guard the worth of its real estate, Bloomberg reported.
The Container Store is preparing to file for bankruptcy in the approaching weeks after months of losses.
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