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Party City is closing its stores and going out business, report says

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Party City, a longtime retailer and go-to source for many of party supplies, is closing all its stores, according to a report.

The company had been is business for more than 30 years and was especially popular for Halloween season and costumesParty City, a longtime retailer and go-to source for many of party supplies, is closing all its stores and going out of business,told corporates employees in a meeting Friday the company is"winding down" operations and and today was their last day working there, CNN reported.

The New Jersey Department of Labor & Workforce Development said it had not received any official WARN labor notices as if early Friday afternoon from the company.in January 2023, but continued to operate its brick-and-mortar locations as well as its online business after the filing. The company planned to close more than 20 stores as part of the process to restructure its debt.

“They’re competing against Walmart, and Target and Amazon and the dollar stores and grocery stores,” Joe Feldman, an analyst at Telsey Advisory Group who had covered Party City since its IPO in 2015,. “We have exited the process on stronger financial footing, and I am incredibly appreciative of the tremendous efforts made by our team to get us to where we are today."

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