Party City is closing stores after nearly four decades of business.
The company announced on Dec. 21 that it would start a “wind down” of its retail and wholesale operations as it prepares to shutter nearly 700 stores nationwide. The company has also filed for Chapter 11 bankruptcy protection for the second time in less than two years “to maximize value for the benefit of the company’s stakeholders.”
“The decision was made following exhaustive efforts by the company to find a path forward that would allow continued operations in an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors,” Party City said in a statement….