Party City is the latest company forced to close several of its locations in the U.S. due to low sales.
In January, the Woodcliff Lake-based party supply chain was forced to file for Chapter 11 bankruptcy. Like many companies, Party City was negatively impacted by the 2020 COVID-19 pandemic. The crisis saw several businesses shuttering, many of which never re-opened their doors. While Party City did attempt to revive itself, it seems folks aren’t buying balloons and festive confetti as much as they once were. As a result, over 30 stores will shut their doors for good.
Before they were forced into bankruptcy, Party City had already closed down 28 locations across 13 states. Now, they are asking to be released from their leases without penalty, Business Insider reports. Last month, the company said they’d planned on auctioning off their remaining leases. These latest 31 closures are yet another troubling sign that the company is quickly deteriorating. Party City operated 823 retail locations, though only 770 were company-owned. Stores in California, Georgia, Iowa, Illinois, Indiana, Louisiana, Massachusetts, and Michigan are just a few states that will be shuttering doors for good.
Party City is the latest specialty store forced to close its door after slow sales. Days ago, the Container Store announced layoffs across its call centers, stores, and warehouses. Therefore, locations shutting their doors are sure to follow. Bed Bath & Beyond is also shutting down hundreds of stores, sending deal hunters flocking to their nearby BB&B, while employees are left in limbo.
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