The party supply chain told employees in a Friday meeting that it would be their final day working for the New Jersey-based company, according to CNN.reportedly said in a video conference call, telling workers they were losing their jobs five days before Christmas and would be cut loose sans severance pay or benefits., which allowed the company to cancel nearly $1 billion in debt, CNN reported. Still its problems continued. More than 80 stores were closed between 2022 and 2024.
Party City’s struggles were blamed on myriad factors, including competition from massive retailers like Amazon and Walmart. The company was also hurt by the pandemic whenCorporate staffers had an inkling the business was folding in recent weeks, according to CNN. The product development team was recently told not to attend an annual meeting with vendors because Party City was no longer paying those suppliers. But employees were said to have been caught off-guard by Friday’s sudden announcement.
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