Party City Shuts Down After Nearly 40 Years in Business

By Y.M. Lowy

After nearly 40 years of celebrating parties, Party City is closing all its stores. CEO Barry Litwin informed employees on Friday that the company is immediately winding down operations, marking the end of an era. Workers were told that it would be their last day, with no severance pay or benefits.

Despite exiting bankruptcy in early 2023, the company was weighed down by over $800 million in liabilities. Struggling with rising costs, inflation, and intense competition from online shopping, Party City couldn’t recover from its overwhelming debt. 

Once a party supply giant, Party City couldn’t keep up with rising costs and fierce competition. It now joins a wave of retailers shutting down amid economic pressures.

The closest Party City to Boro Park is located at the Atlantic Avenue Mall and is a popular destination for party supplies among Boro Park residents.

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