Party over.Party City has officially announced it will be closing all its stores after nearly 40 years in business, according to CEO Barry Litwin, who shared the news with CNN.Once the largest party supply chain in the U.S., Party City became synonymous with balloons, Halloween costumes, and party essentials. Despite its strong brand, the company struggled to withstand competition from online retailers and seasonal pop-up stores like Spirit Halloween.
Litwin cited inflation as the primary reason for the company’s financial struggles, explaining that increased costs and weakened customer spending had been particularly damaging.Corporate employees were reportedly sent home on December 10, and the company’s headquarters were locked, CNN reported. Over the last few weeks, news of the closure began to leak, with employees expressing frustration about the lack of communication regarding the company’s fate.
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