Party City is closing stores nationwide. See which Triangle-area stores are affected
.JPEG "Party City is “winding down” operations, the company’s CEO told corporate employees on a video conference call, according to a CNN report.")
Party City is going out of business and closing stores across the country, including in North Carolina, CNN reported.
The publication viewed a video conference call in which Party City CEO Barry Litwin told corporate employees that the company was “winding down” operations and that Friday, Dec. 20 would be their last day of employment, according to CNN.
Party City did not immediately respond to The News & Observer’s request for comment on this story, and store employees at several Triangle locations directed The N&O to the company’s media team.
Party City locations in Raleigh/Durham
There are five Party City locations in the Triangle:
- Raleigh: Triangle Town Place (3604 Sumner Blvd.) and Brier Creek Commons (8081 Brier Creek Parkway)
- Durham: New Hope Commons (5402 New Hope Commons Drive)
- Cary: Crossroads Plaza (203 Crossroads Blvd.)
- Garner: White Oak Crossing (280 Shenstone Blvd.)
Some of Party City’s store employees received letters that the company would close down stores Friday, Feb 28. At that point, store staff would be terminated, CNN reported.
Closure follows years of financial struggles
New Jersey-based Party City has been dealing with financial challenges for years.
In January 2023, Party City Holdco Inc. filed for chapter 11 bankruptcy protection. It emerged from Chapter 11 in October of that year, after eliminating nearly $1 billion in debt, enhancing its liquidity, renegotiating lease terms and closing less productive stores. The company had 800 stores across the U.S. at the time.
Along with news of the emergence, then-CEO Brad Weston announced his intention to step down, effective Nov. 3, 2023. Sean Thompson, the company’s then-president and chief commercial officer, was named interim CEO.
Party City named several risks to its business in a filing with the Securities and Exchange Commission, including competition with smaller and larger retailers, such as party goods retailers, mass merchants, internet-based retailers, craft stores, grocers and dollar stores.
In August 2024, Barry Litwin joined the company as president and CEO.
“I am excited to join Party City at a pivotal time as we reposition the business for a stronger future,” Litwin said in a news release announcing his appointment as CEO. “Party City is a leader in party goods and supplies, and I see many opportunities to strengthen our financial performance and build a leading end-to-end celebration experience for consumers.”
Party City had 748 retail stores as of Aug. 31, according to an SEC filing.
Earlier this month, Bloomberg reported that Party City was considering options including a sale or another potential bankruptcy.
Other retailers that have closed this year
Several other companies have shut down stores in 2024.
- Discount retailer Big Lots closed multiple stores in North Carolina, including in Raleigh, Durham and Charlotte.
- American Freight, a national furniture retailer, closed all of its stores. The company had a dozen locations in North Carolina.
- Raleigh-based Advance Auto Parts said in November that it would close 731 locations across North America, The N&O previously reported.
This story was originally published December 20, 2024 at 4:35 PM with the headline "Party City is closing stores nationwide. See which Triangle-area stores are affected."
