Party City on Friday announced it will close all of its stores and has initiated corporate layoffs effective immediately, according to a CNN report. CEO Barry Litwin told corporate employees in a meeting viewed by CNN that Party City has to “commence a winddown process immediately,” and that Friday would be their last day of work for the company. “That is without question the most difficult message that I’ve ever had to deliver,” Litwin said at the meeting, according to the report. CNN reported the company’s closure was due to ongoing financial challenges at the party supply retailer, which less than two years ago filed for bankruptcy protection over its inability to pay off $1.7 billion in debt. The New Jersey-based chain exited bankruptcy in September 2023 through a plan that included transitioning into a privately held company and canceling nearly $1 billion in debt. A majority of its 800 U.S. stores…
