Party City is going out of business
CNN
Party City is closing down all of its stores, ending nearly 40 years in business, CNN has learned.
Party City is closing down all of its stores, ending nearly 40 years in business, CNN has learned. CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is “winding down” operations immediately and that today will be their last day of employment. “That is without question the most difficult message that I’ve ever had to deliver,” Litwin said at the meeting, which was held on a video conference call. Party City’s “very best efforts have not been enough to overcome” its financial challenges, he added, resulting in the company’s collapse. “It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said. “Unfortunately, it’s necessary to commence a winddown process immediately.” Party City didn’t immediately respond to CNN’s request for comment.
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