Why Party City is Closing Every Single Store After 40 Years

What was once a go-to destination for party supplies and decorations, is now ready to turn out the lights for good.

Retail Brands That Closed Locations In 2024

While all of 2024 was rough for retail stores, the past three months have especially been bad. Multiple long-time chains and brands have either filed for bankruptcy or started the process of closing locations.

In just the past three months alone, we’ve seen:

NOTE: FULL LIST OF CLOSED RETAIL CHAINS FOLLOWS BELOW

All highly recognizable names that have been hit hard by lagging sales and increasing operating costs. We can now add yet another name to the list.

Why Party City Is Closing Every Location

Party City really wanted to turn things around. In August, RetailDive.com reported the chain hired a “turnaround vet” as its new CEO in hopes of reversing its fortunes.

Sadly, it didn’t work. CNN reported Friday that CEO Barry Litwin informed employees that Party City would close all locations after “winding down” business over the coming weeks.

The report stated that employees had been informed Party City would be closing all stores on Feb. 28.

Axios found the New Jersey-based Party City had been struggling financially even before the pandemic hampered businesses in 2020. By the time 2023 rolled around, the chain had found itself filing for bankruptcy.

Party City, which bills itself as “North America’s largest party goods retailer,” exited bankruptcy this past fall. According to its website, the brand has more than 700 company-owned and franchise store locations throughout North America and a handful of stores in Asia.