{"id":5142,"date":"2024-12-23T03:45:33","date_gmt":"2024-12-22T22:45:33","guid":{"rendered":"https:\/\/pni.net.pk\/us\/?p=5142"},"modified":"2024-12-23T04:26:18","modified_gmt":"2024-12-22T23:26:18","slug":"beloved-retail-chain-closing-hundreds-of-its-remaining-stores-days-before-christmas","status":"publish","type":"post","link":"https:\/\/pni.net.pk\/us\/beloved-retail-chain-closing-hundreds-of-its-remaining-stores-days-before-christmas\/","title":{"rendered":"Beloved Retail Chain Closing Hundreds Of Its Remaining Stores Days Before Christmas"},"content":{"rendered":"<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">The largest party supply retail chain in the US is closing all of its remaining stores \u2018immediately\u2019 \u2013 five days before\u00a0<a href=\"https:\/\/metro.co.uk\/tag\/christmas\/\" target=\"_blank\" rel=\"noopener\" data-t=\"{&quot;n&quot;:&quot;destination&quot;,&quot;t&quot;:13,&quot;b&quot;:1,&quot;c.t&quot;:7}\">Christmas<\/a>.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">Party City, which has more than 700 stores and franchises across North\u00a0<a href=\"https:\/\/metro.co.uk\/tag\/us-news\/\" target=\"_blank\" rel=\"noopener\" data-t=\"{&quot;n&quot;:&quot;destination&quot;,&quot;t&quot;:13,&quot;b&quot;:1,&quot;c.t&quot;:7}\">America<\/a>, is \u2018winding down\u2019 operations, its CEO Barry Litwin told employees in a meeting today, according to\u00a0<a href=\"https:\/\/www.cnn.com\/2024\/12\/20\/business\/party-city-shut-down?Date=20241220&amp;Profile=cnnbrk&amp;utm_content=1734716189&amp;utm_medium=social&amp;utm_source=twitter\" target=\"_blank\" rel=\"noopener\" data-t=\"{&quot;n&quot;:&quot;destination&quot;,&quot;t&quot;:13,&quot;b&quot;:1,&quot;c.t&quot;:7}\">CNN<\/a>.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">Litwin told the workers that their last day of employment was today.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">\u2018It\u2019s really important for you to know that we\u2019ve done everything possible that we could to try to avoid this outcome,\u2019 he said.<\/p>\n<div class=\"article-image-slot image-slot-placeholder\" data-doc-id=\"cms\/api\/amp\/image\/AA1wfA5N\">\n<div class=\"article-image-slot\">\n<div class=\"article-image-container polished\" data-t=\"{&quot;n&quot;:&quot;OpenModal&quot;,&quot;t&quot;:13,&quot;b&quot;:8,&quot;c.i&quot;:&quot;AA1wfA6r&quot;,&quot;c.l&quot;:false,&quot;c.t&quot;:13,&quot;c.v&quot;:&quot;finance&quot;,&quot;c.c&quot;:&quot;finance-companies&quot;,&quot;c.b&quot;:&quot;Metro&quot;,&quot;c.bi&quot;:&quot;BB1d0l8O&quot;,&quot;c.tv&quot;:&quot;finance&quot;,&quot;c.tc&quot;:&quot;general&quot;,&quot;c.hl&quot;:&quot;Beloved retail chain closing hundreds of its remaining stores days before Christmas&quot;}\" data-test-id=\"AA1wfA5N\">\n<div><\/div>\n<p><button class=\"article-image-height-wrapper expandable article-image-height-wrapper-new\" data-customhandled=\"true\" data-t=\"{&quot;n&quot;:&quot;destination&quot;,&quot;b&quot;:1,&quot;c.i&quot;:&quot;AA1wfA6r&quot;,&quot;c.l&quot;:false,&quot;c.t&quot;:13,&quot;c.v&quot;:&quot;finance&quot;,&quot;c.c&quot;:&quot;finance-companies&quot;,&quot;c.b&quot;:&quot;Metro&quot;,&quot;c.bi&quot;:&quot;BB1d0l8O&quot;,&quot;c.tv&quot;:&quot;finance&quot;,&quot;c.tc&quot;:&quot;general&quot;,&quot;c.hl&quot;:&quot;Beloved retail chain closing hundreds of its remaining stores days before Christmas&quot;}\"><img decoding=\"async\" class=\"article-image article-image-ux-impr article-image-new expandable\" title=\"Pedestrians walk by a Party City retail store in New York City on Friday (Picture: Shutterstock)\" src=\"https:\/\/img-s-msn-com.akamaized.net\/tenant\/amp\/entityid\/AA1wfA5N.img?w=768&amp;h=534&amp;m=6\" alt=\"Pedestrians walk by a Party City retail store in New York City on Friday (Picture: Shutterstock)\" \/><\/button><\/p>\n<div class=\"image-caption-container image-caption-container-ux-impr articlewc-image-caption-container \"><span class=\"image-caption\">Pedestrians walk by a Party City retail store in New York City on Friday (Picture: Shutterstock)<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">\u2018Unfortunately, it\u2019s necessary to commence a winddown process immediately.\u2019<\/p>\n<p class=\"continue-read-break\" data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">For nearly four decades, Party City offered decorations, balloons and other items for birthdays and special occasions at affordable prices.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">\u2018Party City is a global leader in the celebrations industry, delivering joy and inspiration to customers across more than 70 countries,\u2019 the company states on its\u00a0<a href=\"https:\/\/www.partycity.com\/corporate\/about-us\" target=\"_blank\" rel=\"noopener\" data-t=\"{&quot;n&quot;:&quot;destination&quot;,&quot;t&quot;:13,&quot;b&quot;:1,&quot;c.t&quot;:7}\">website<\/a>.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">The New Jersey-based corporation declared bankruptcy in January 2023 after struggling to pay off a $1.7billion debt. Party City hired Litwin as the new CEO in August and the company got out of bankruptcy a month after.<\/p>\n<div class=\"article-image-slot image-slot-placeholder\" data-doc-id=\"cms\/api\/amp\/image\/AA1wfNTx\">\n<div class=\"article-image-slot\">\n<div class=\"article-image-container polished\" data-t=\"{&quot;n&quot;:&quot;OpenModal&quot;,&quot;t&quot;:13,&quot;b&quot;:8,&quot;c.i&quot;:&quot;AA1wfA6r&quot;,&quot;c.l&quot;:false,&quot;c.t&quot;:13,&quot;c.v&quot;:&quot;finance&quot;,&quot;c.c&quot;:&quot;finance-companies&quot;,&quot;c.b&quot;:&quot;Metro&quot;,&quot;c.bi&quot;:&quot;BB1d0l8O&quot;,&quot;c.tv&quot;:&quot;finance&quot;,&quot;c.tc&quot;:&quot;general&quot;,&quot;c.hl&quot;:&quot;Beloved retail chain closing hundreds of its remaining stores days before Christmas&quot;}\" data-test-id=\"AA1wfNTx\">\n<div><\/div>\n<p><button class=\"article-image-height-wrapper expandable article-image-height-wrapper-new\" data-customhandled=\"true\" data-t=\"{&quot;n&quot;:&quot;destination&quot;,&quot;b&quot;:1,&quot;c.i&quot;:&quot;AA1wfA6r&quot;,&quot;c.l&quot;:false,&quot;c.t&quot;:13,&quot;c.v&quot;:&quot;finance&quot;,&quot;c.c&quot;:&quot;finance-companies&quot;,&quot;c.b&quot;:&quot;Metro&quot;,&quot;c.bi&quot;:&quot;BB1d0l8O&quot;,&quot;c.tv&quot;:&quot;finance&quot;,&quot;c.tc&quot;:&quot;general&quot;,&quot;c.hl&quot;:&quot;Beloved retail chain closing hundreds of its remaining stores days before Christmas&quot;}\"><img decoding=\"async\" class=\"article-image article-image-ux-impr article-image-new expandable\" title=\"Party City announced plans to close all of its stores effective immediately after nearly 40 years in business (Picture: Getty Images)\" src=\"https:\/\/img-s-msn-com.akamaized.net\/tenant\/amp\/entityid\/AA1wfNTx.img?w=768&amp;h=507&amp;m=6\" alt=\"Party City announced plans to close all of its stores effective immediately after nearly 40 years in business (Picture: Getty Images)\" \/><\/button><\/p>\n<div class=\"image-caption-container image-caption-container-ux-impr articlewc-image-caption-container \"><span class=\"image-caption\">Party City announced plans to close all of its stores effective immediately after nearly 40 years in business (Picture: Getty Images)<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"\" data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">At the time, Party City had more than 800 stores, but shuttered over 80 of them from late 2022 to this August, state its latest financial records.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">The chain still had $800million in debt.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">On Friday, some employees received letters that their respective stores would close on February 28.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">\u2018Although Party City believes these closings are in the best interest of the company, we regret that we have had to take this step and thank you for your valued contributions and service to the company,\u2019 read the letter.<\/p>\n<div class=\"article-image-slot image-slot-placeholder\" data-doc-id=\"cms\/api\/amp\/image\/AA1wfA5U\">\n<div class=\"article-image-slot\">\n<div class=\"article-image-container polished\" data-t=\"{&quot;n&quot;:&quot;OpenModal&quot;,&quot;t&quot;:13,&quot;b&quot;:8,&quot;c.i&quot;:&quot;AA1wfA6r&quot;,&quot;c.l&quot;:false,&quot;c.t&quot;:13,&quot;c.v&quot;:&quot;finance&quot;,&quot;c.c&quot;:&quot;finance-companies&quot;,&quot;c.b&quot;:&quot;Metro&quot;,&quot;c.bi&quot;:&quot;BB1d0l8O&quot;,&quot;c.tv&quot;:&quot;finance&quot;,&quot;c.tc&quot;:&quot;general&quot;,&quot;c.hl&quot;:&quot;Beloved retail chain closing hundreds of its remaining stores days before Christmas&quot;}\" data-test-id=\"AA1wfA5U\">\n<div><\/div>\n<p><button class=\"article-image-height-wrapper expandable article-image-height-wrapper-new\" data-customhandled=\"true\" data-t=\"{&quot;n&quot;:&quot;destination&quot;,&quot;b&quot;:1,&quot;c.i&quot;:&quot;AA1wfA6r&quot;,&quot;c.l&quot;:false,&quot;c.t&quot;:13,&quot;c.v&quot;:&quot;finance&quot;,&quot;c.c&quot;:&quot;finance-companies&quot;,&quot;c.b&quot;:&quot;Metro&quot;,&quot;c.bi&quot;:&quot;BB1d0l8O&quot;,&quot;c.tv&quot;:&quot;finance&quot;,&quot;c.tc&quot;:&quot;general&quot;,&quot;c.hl&quot;:&quot;Beloved retail chain closing hundreds of its remaining stores days before Christmas&quot;}\"><img decoding=\"async\" class=\"article-image article-image-ux-impr article-image-new expandable\" title=\"The company went into bankruptcy in January 2023 (Picture: ZUMA Press Wire)\" src=\"https:\/\/img-s-msn-com.akamaized.net\/tenant\/amp\/entityid\/AA1wfA5U.img?w=768&amp;h=576&amp;m=6\" alt=\"The company went into bankruptcy in January 2023 (Picture: ZUMA Press Wire)\" \/><\/button><\/p>\n<div class=\"image-caption-container image-caption-container-ux-impr articlewc-image-caption-container \"><span class=\"image-caption\">The company went into bankruptcy in January 2023 (Picture: ZUMA Press Wire)<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">Meanwhile, staff who were let go today lost their benefits simultaneously and will not get severance pay.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">\u2018That is without question the most difficult message that I\u2019ve ever had to deliver,\u2019 Litwin said during the conference call.<\/p>\n<p data-t=\"{&quot;n&quot;:&quot;blueLinks&quot;}\">It comes two months after the second-biggest pharmacy chain in the US,\u00a0<a href=\"https:\/\/metro.co.uk\/2024\/10\/15\/walgreens-close-1200-stores-pharmacy-chain-us-21801255\/\" target=\"_blank\" rel=\"noopener\" data-t=\"{&quot;n&quot;:&quot;destination&quot;,&quot;t&quot;:13,&quot;b&quot;:1,&quot;c.t&quot;:7}\">Walgreens, announced it would close 1,200 of its locations<\/a> as one-fourth of stores were unprofitable.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The largest party supply retail chain in the US is closing all of its remaining stores \u2018immediately\u2019 \u2013 five days before\u00a0Christmas. Party City, which has more than 700 stores and franchises across North\u00a0America, is \u2018winding down\u2019 operations, its CEO Barry Litwin told employees in a meeting today, according to\u00a0CNN. Litwin told the workers that their [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-5142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Beloved Retail Chain Closing Hundreds Of Its Remaining Stores Days Before Christmas<\/title>\n<meta name=\"description\" content=\"The largest party supply retail chain in the US is closing all of its remaining stores \u2018immediately\u2019 \u2013 five days before\u00a0Christmas. 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