Party City to close its stores as company files for bankruptcy

Party City announced that it's going to “wind down” its retail and wholesale operations as it prepares to shutter nearly 700 stores nationwideFILE - This is the sign on the front of a Party City store in Orchard Park, NY., on Dec. 22, 2024. For nearly 40 years, customers flocked to Party City for Halloween costumes, favors for children's birthday parties and decorations for New Year's Eve celebrations.

“The decision was made following exhaustive efforts by the company to find a path forward that would allow continued operations in an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors,” Party City said in a statement. The New Jersey-based retailer said it will keep more than 95% of its 12,000 employees to help with the process of shutting down.

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