Turn out the lights, the Party City is over
INDIANAPOLIS (WISH) — Party City is closing all of its stores nationwide after 40 years in business. This includes all locations in Indiana.
According to CNN, 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.
He added that the company’s “very best efforts” were not enough to overcome its financial challenges.
“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.”
Litwin was named CEO of the New Jersey-based company four months ago. He said at the time the company’s main priority was to “strengthen our financial health, and there is work ahead of us.”
Party City declared bankruptcy in January 2023, but exited a month after Litwin’s arrival. The company struggled to pay off a $1.7 billion debt load and cancelled 1 billion of it by going bankrupt.
The company managed to keep most of their more-than 800 stores open, only closing 80 stories between the end of 2022 and August 2024.
Their earnings this year were greatly strained by the $800 million in debt load the company still had.
Party City is the largest party supply company in the U.S. They employed over 16,000 people, including over 6,000 in full time positions.
Party City suffered from growing competition from companies like Amazon and Spirit Halloween. They also suffered from a helium shortage and reduced profits during the pandemic.
Party City’s website lists the following Indiana stores, which are included in the closure:
- Avon
- Bloomington
- Carmel
- Clarksville
- Columbus
- Evansville
- Fishers
- Fort Wayne
- Highland
- Indianapolis
- Lafayette
- Merrillville
- Muncie
- Valparaiso