Party City, a popular party and balloon supplies store with hundreds of locations across the country, including more than two dozen in the Chicago area, is reportedly closing all stores and winding down operations immediately.
The reported closures mark the end of the retailers’ nearly 40 years in business
Multiple reports cited a meeting Friday in which Party City CEO Barry Litwin told corporate employees that the company is “winding down” operations, adding that their last day of employment would be Dec. 20.
“It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said during the meeting, according to reports. “Unfortunately, it’s necessary to commence a winddown process immediately.”
In 2023, the New Jersey-based party supply chain filed for Chapter 11 bankruptcy protection after struggling with rising prices and a pullback in customer spending. The company had planned to close 22 stores as a result.
At the time, the company said its franchise stores, subsidiaries outside the U.S. and its foil balloons Anagram business are not part of the restructuring and will remain core components of its business.
As of Friday afternoon, Party City’s website remained operational.
A Chicago-area location reached by phone declined comment when asked about the closures.
Phone calls from NBC Chicago to Party City’s corporate office went unanswered.
This is a breaking news story that will be updated as more information becomes available.