Current Events > Party City is going out of business closing all stores today

(+) Yeah! (+)

https://www.cnn.com/2024/12/20/business/party-city-shut-down/index.html

sorry stores staying open till jan corporate is closed today

Rather lose Spirit Halloween

Guess the party's over.

Irony posted...

Rather lose Spirit Halloween

You would.

All of them. Huh there is one not far from where I live. It seemed unnecessarily big but I bought some great cards there. If I had legitimate parties it would be a place, I'd frequent more.

So the employees were even unaware of this. Does this mean no discounted sales for going out of business?

Where is Sharon Needles going to go back to, now?

now where will I find junk that breaks immediately to put in my kids party favor bags

Cool, now I don't have to get my anxiety triggered when I hear the balloons being filled because my gf has to stop there for some dumb shit.

First Big Lots and now this, who's next?

Trumpo posted...

First Big Lots and now this, who's next?

with Trumps tariffs probably dozens over the next 4 years

Unsuprised_Pika posted...

"CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is winding down operations immediately and that today will be their last day of employment. Staff were told they will not receive severance pay, and they were told their benefits would end as the company goes out of business"

https://youtube.com/shorts/1ee02I6E4SA?si=e_OjQiJTjsAMsBue

right before christmas nice bet the ceo gets a fat bonus tho

Im sure all these decades old nationwide businesses shuddering is a good thing and in no way a sign of anything.

Barry Litwin CEO Pay $2,775,057 yeah he is gonna be fine

Unsuprised_Pika posted...

"CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is winding down operations immediately and that today will be their last day of employment. Staff were told they will not receive severance pay, and they were told their benefits would end as the company goes out of business"

https://youtube.com/shorts/1ee02I6E4SA?si=e_OjQiJTjsAMsBue

They probably got spare costumes too

Jerry_Hellyeah posted...

Im sure all these decades old nationwide businesses shuddering is a good thing and in no way a sign of anything.

Party City's model was adopted by others who could do it cheaper and the one boon it had over those others, the balloon business, suffered due to helium shortages. Not everything is a sign of something. Sometimes it's just a shitty situation.

This is pretty awful for them to do 5 days before Christmas with no severance or benefits.

I hope those employees steal everything that's not nailed down.

What the hell, remove the nails and take that shit too.

Wow, way to fuck over a shit ton of employees' Christmases...

Unsuprised_Pika posted...

CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is winding down operations immediately and that today will be their last day of employment. Staff were told they will not receive severance pay, and they were told their benefits would end as the company goes out of business

That's pretty messed up that everything shuts down literally the day you are telling your employees. And right before Christmas. Damn.

GeminiDeus posted...

So the employees were even unaware of this. Does this mean no discounted sales for going out of business?

The one my son works at is closing Feb 28th. it's just an 8 hours a week part time thing for him, as he's only 16, but none of the managers knew about it beforehand.

No severance pay, seems harsh. Where did all the money go. It probably wouldn't be enough but still something would be nice.

That's sad. I remember Party City was hiring in 2018 around here. I thought of applying as a semi joke because I needed something less stressful.

PeteyParker posted...

Party City's model was adopted by others who could do it cheaper and the one boon it had over those others, the balloon business, suffered due to helium shortages. Not everything is a sign of something. Sometimes it's just a shitty situation.

Their business, at least the one my kid works at, was something like 65% balloon orders, 20% Halloween costumes, and 15% everything else that you can find cheaper online.

The only brick and mortar businesses that will survive are the ones that provide goods or services you cannot get online.

Thats rough

I have no doubt that their business model was in trouble, and maybe they really are flat out of money. But this would've been something they saw coming not days, not weeks, not months, but years in advance. To have no strategy other than mass layoffs and immediate closure a mere five days before Christmas with no notice given and combined with the termination of benefits? That's downright evil shit.

You could always find stuff cheaper online or more unique stuff but certain things, not saying party city is a necessity. But certain things I don't want to buy online. I would rather go out and visit a store.

Dollar Tree employees are about to become event planners, balloon artists, and therapists all at once. Pray for themthey didnt sign up for this level of chaos.

K181 posted...

I have no doubt that their business model was in trouble, and maybe they really are flat out of money. But this would've been something they saw coming not days, not weeks, not months, but years in advance. To have no strategy other than mass layoffs and immediate closure a mere five days before Christmas with no notice given and combined with the termination of benefits? That's downright evil shit.

They knew. This is the 2nd time they declared bankruptcy in 2 years.

Bloomberg reported earlier this month that Party City was exploring a second bankruptcy filing amid financial troubles stemming from slow sales. Party City Holdings, Inc., had previously filed for bankruptcy in early January 2023, but emerged from Chapter 11 in September of that year after plans to reorganize were approved by the U.S. Bankruptcy Court for the Southern District of Texas. At the time, Party Citys then-CEO Brad Weston called approval an important milestone in completing our financial restructuring and successfully positioning PCHI for the future.

bigblu89 posted...

but emerged from Chapter 11 in September of that year after plans to reorganize were approved by the U.S. Bankruptcy Court for the Southern District of Texas. At the time, Party Citys then-CEO Brad Weston called approval an important milestone in completing our financial restructuring and successfully positioning PCHI for the future.

Translation:

"we're shifting shit around so it'll be easier to loot this corpse, good luck peasants"

DrizztLink posted...

Translation:

"we're shifting shit around so it'll be easier to loot this corpse, good luck peasants"

Pretty much. What's the saying, "Rearranging the chairs on the Titanic"?

I don't think there's been one near me for years. I honestly forgot about them until now.

Before Christmas for this to come out. Seems way too Bah Humbug for me to be so cynical but this CEO from Linked In was probably just thinking how can I end this business quickly :/

Damn. They had a decent selection of Halloween stuff. I run a haunted house every year and it was nice not to have to lean on Spirit Halloween for everything.

Jerry_Hellyeah posted...

Im sure all these decades old nationwide businesses shuddering is a good thing and in no way a sign of anything.

Less places for people to work. There is going to be a time where there are more people than available jobs.

Monolith1676 posted...

Less places for people to work. There is going to be a time where there are more people than available jobs.

Everyone will just be Amazon order fulfillers or drivers until the AI robots take those jobs as well.

Private equity!
https://bsky.app/profile/tomscocca.bsky.social/post/3ldr4ovzhts2e

smh

BlueTigerLion posted...

Dollar Tree employees are about to become event planners, balloon artists, and therapists all at once. Pray for themthey didnt sign up for this level of chaos.

As long as Dollar General doesnt get affected by this, Ill somehow find a way to survive. After all, their store brand of chili and beef stew is pretty damn good for the low price compared to more expensive stores.

Antifar posted...

Private equity!
https://bsky.app/profile/tomscocca.bsky.social/post/3ldr4ovzhts2e

every fucking time private equity they bleed companies dry and go out of business

Halo478 posted...

every fucking time private equity they bleed companies dry and go out of business

Not always... It can be a way for companies in financial trouble to pull themselves out. But way too often, probably more than half the time it seems, they just leech as much value as they can from a company before tossing aside its empty husk.

Private equity serves a purpose but it REALLY needs regulation, and strict regulation at that.

Damn thats too bad. Party City is a specialty store I enjoy having around. Perfect place to find gift stuffers, cool little knick-knack toys and mystery boxes, color coded candy out the wazoo, and tons of other party supplies of course.

I pretty much decked out my last two parties entirely from Party City and it was cheap af. Like cheaper than the dollar store. Shame to see it go tbh.

One of my coworkers called and they said they'll close in february

Another American-based business that's going to continue to operate in Canada and not the US because the Canadian arm is owned by a different, entirely unrelated corporation >_>

Bio1590 posted...

Another American-based business that's going to continue to operate in Canada and not the US because the Canadian arm is owned by a different, entirely unrelated corporation >_>

they should buy the locations here dirt cheap and run them properly

Private equity and hedge funds are a cancer on the american people

Villain_S_Fiend posted...

Cool, now I don't have to get my anxiety triggered when I hear the balloons being filled because my gf has to stop there for some dumb shit.

Have you ever had nightmares about Karnov seeking revenge?

So what are the alternative places to get what party city does

https://x.com/blaireerskine/status/1870300239745429640

BewmHedshot posted...

https://x.com/blaireerskine/status/1870300239745429640

This cant be real, I now have to look up the party city ceo dear god

*probably going to put me on another fucking list somewhere

Alteres posted...

This cant be real, I now have to look up the party city ceo dear god

*probably going to put me on another fucking list somewhere

She's a pretty well known satire account.