Popular retail chain Party City filed for chapter safety Saturday, a day after it disclosed to workers that it might be implementing mass layoffs at its New Jersey headquarters.
The submitting was made in chapter courtroom within the Southern District of Texas, in accordance with courtroom paperwork obtained by CBS News. The firm had liabilities of between $1 billion and $10 billion, in accordance with the submitting.
On Friday, Party City’s chief human sources officer Karen McGowan informed employees in an e mail obtained by CBS News New York that it was conducting a direct “mass layoff” at its headquarters in Woodcliff Lake, New Jersey.
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CNN reported Friday that Party City CEO Barry Litwin informed company workers in a gathering that the corporate was “winding down” operations. Some retailer workers additionally acquired letters Friday that each one the chain’s shops can be closing in February, CNN stated.
Party City, which makes a speciality of occasion provides and was based within the mid-Eighties, has greater than 700 company-owned and franchise retailer places throughout North America, in accordance with its web site. It additionally has an e-commerce operation that it manages by means of PartyCity.com. It’s unclear if the net arm will proceed.
Party City didn’t reply to a request for remark when reached by CBS News New York Friday.
2024 has been a rough year for U.S. retailers. There had been greater than 7,100 retailer closures by means of the tip of November 2024, a 69% bounce from the identical time final 12 months, in accordance with information from analysis agency CoreSight.
contributed to this report.
