Party City is closing all stores immediately and laying off staff after 38 years in business, including 25 N.J. locationsParty City is going out of business and closing its over 850 stores worldwide after close to 40 years in business.Party City is going out of business immediately after 38 years in business and is laying off all of its corporate staff as of Friday, Dec. 20,
The popular party supplies shop informed corporate employees that it is shutting down its remaining stores during a conference meeting Friday morning. During the meeting, the company also announced that its corporate employees are laid off as of today, receiving no severance pay and losing their benefits, according to the report.“That is without question the most difficult message that I’ve ever had to deliver,” Party City CEO Barry Litwin said during the conference call.
Litwin explained that the company headquartered in Woodcliff Lake decided to close after failing to overcome its financial struggles and combat inflation. These issues have increased the company’s overall costs while consumer spending has fallen.Party City was founded in East Hanover in 1986. The party supplies store operated about 850 locations across more than 70 countries.
It quickly became a go-to shopping destination for party goods and costumes, especially during the Halloween season. Its success helped the company become theRite Aid closings 2024: See the full list of all the stores that closed this yearBig Lots is closing even more locations in 2024: See the full list of 19 new closures
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