The Party is Coming to an End! Party City has long been a go-to store for decorations for birthdays, weddings, bachelorette parties, graduations, holidays, and other events. It was also well-known for its Halloween costumes. According to CNN, CEO Barry Litwin, whose company originally opened in 1986, stated during a corporate meeting: “That is without question the most difficult message that I’ve ever had to deliver.” He added, “It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome.”
Barry’s comments addressed the company’s current challenges. Read on to learn more about whether Party City will be closing its doors, its revenue, and more below.
Is Party City Going Out of Business?
Yes, Party City is going out of business. According to CNN, Litwin announced: “Unfortunately, it’s necessary to commence a winddown process immediately.”
Four months prior to the time of publication, Barry addressed his LinkedIn community about his role as CEO and the company’s direction. He highlighted Party City’s efforts to create memorable celebrations, “At Party City, our brand is focused on making it effortless for people to create unforgettable memories. Our impressive balloon bouquets take center stage in over 700 stores. With our extensive range of products, mobile and web capabilities, delivery services, and dedicated team members, our primary focus will be to provide an exceptional celebration experience for all occasions.”
The CEO added, “Our main priority is to strengthen our financial health, and there is work ahead of us. However, our success is rooted in our people and culture. I am eager to collaborate with the Board of Directors, the leadership team, and all Party City associates to bring more smiles and celebrations to our customers and their loved ones.”
How Many Party City Stores Are Closing?
Per CNN, all Party City stores will be closing.
What Was Party City’s Revenue?
According to Companies Market Cap, Party City earned $2.16 billion in revenue in 2022, slightly down from $2.17 billion in 2021.
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