FILE - A shopper leaves a Party City store in Vernon Hills, Ill., Thursday, Oct. 15, 2020. , Party City Holdco CEO Barry Litwin notified U.S. staff on Friday that it would be their final day of employment as the company was going out of business due to insurmountable financial challenges. Litwin also announced that severance pay would not be issued.
Canadian Tire Corporation, the parent company of Party City Canada, confirmed to CTV News that Canadian Party City stores remain open. “The operations of Party City in Canada are entirely separate from Party City Holdco in the U.S.,” a Canadian Tire spokesperson said in a statement issued Friday afternoon. “Party City Canada remains open for business online and in store, and will continue to provide Canadians with everything they need to celebrate all their life moments.”The American party supply store chain’s debt load is reported to be roughly US$800 million, despite the fact it had previously cancelled $1 billion of its $1.
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