Another Retail Giant In New York Announces All Stores Closing

Yesterday Big Lots announced that they would be closing all of their stores nationwide would be closing. Today, another retailer says they will be doing the same.

You might end up needing to get your New Year's Eve party streamers and ballons somewhere new this year. There seems to be a bad trend of national retailers who are closing up stores these days. The most recent one is Party City who just made the announcement to their employees today.

(1) CNN Breaking News on X: "Party City is going out of business. The chain plans to close all of its stores after nearly 40 years in business, and corporate employees were told today is their last day of employment. https://t.co/WKf1pE4GMu" / X

It's an awful thought that just days before Christmas thousands of workers were told that they would be without a job in the new year. Today was their last day of employment.

The message was delivered by CEO Barry Litwin on a conference call this morning. According to CNN, Litwin was just hired as the company's CEO just 4 months ago and he knew he had an uphill battle to "overcome their financial challenges" and regain financial health. It's something he wasn't able to achieve and today he admitted it, claiming it was the hardest message he's ever had to deliver.

Party City has been the largest party supply store in the United States with approximately 6,400 full-time and 10,100 part-time workers as of 2021. There are about 850 Party City locations in the country and almost 50 locations just in New York State.

After being in business for around 40 years, Party City will begin "winding down" operations immediately.