The Party is Coming to an End! Party City has lengthy been a go-to retailer for decorations for birthdays, weddings, bachelorette events, graduations, holidays, and different occasions. It was additionally well-known for its Halloween costumes. According to CNN, CEO Barry Litwin, whose firm initially opened in 1986, acknowledged throughout a company assembly: “That is with out query probably the most tough message that I’ve ever needed to ship.” He added, “It’s actually necessary so that you can know that we’ve performed every thing doable that we might to attempt to keep away from this final result.”
Barry’s feedback addressed the corporate’s present challenges. Read on to be taught extra about whether or not Party City might be closing its doorways, its income, and extra beneath.
Is Party City Going Out of Business?
Yes, Party City goes out of enterprise. According to CNN, Litwin introduced: “Unfortunately, it’s essential to begin a winddown course of instantly.”
Four months previous to the time of publication, Barry addressed his LinkedIn neighborhood about his position as CEO and the corporate’s route. He highlighted Party City’s efforts to create memorable celebrations, “At Party City, our model is concentrated on making it easy for individuals to create unforgettable recollections. Our spectacular balloon bouquets take heart stage in over 700 shops. With our in depth vary of merchandise, cell and net capabilities, supply companies, and devoted crew members, our main focus might be to supply an distinctive celebration expertise for all events.”
The CEO added, “Our foremost precedence is to strengthen our monetary well being, and there may be work forward of us. However, our success is rooted in our individuals and tradition. I’m desperate to collaborate with the Board of Directors, the management crew, and all Party City associates to deliver extra smiles and celebrations to our prospects and their family members.”
How Many Party City Stores Are Closing?
Per CNN, all Party City shops might be closing.
What Was Party City’s Revenue?
According to Companies Market Cap, Party City earned $2.16 billion in income in 2022, barely down from $2.17 billion in 2021.