Party City closing after 40 years in business

Party City is permanently shutting down.CEO Barry Litwin said it was "necessary to commence a wind down process immediately" for the party supplies retailer, CNN reported Friday, citing comments from a Party City conference call with its corporate workers.

This reportedly comes nearly four decades after the company launched and about 14 months after it exited bankruptcy.When Party City completed its Chapter 11 bankruptcy process last year, it said it had "substantially strengthened its capital structure by eliminating nearly $1 billion in debt, enhanced its liquidity, and optimized its Party City store portfolio by having negotiated improved lease terms and exited less productive stores.

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