From the Associated Press. (AP Photo/Nam Y. Huh, File)
From the Associated Press. (AP Photo/Nam Y. Huh, File)
Party City, an American chain that specializes in party supplies, is closing all of its store locations after nearly 40 years of business, according to a report published by CNN Friday.
The closures include the six Party City locations throughout Louisiana, including stores in Metairie, Baton Rouge and Lafayette.
CEO Barry Litwin told corporate employees during a conference call Friday that the company is shutting down due to financial obstacles, including inflation, that increased the New Jersey-based company’s costs and decreased consumer spending, CNN reported.
The franchise filed for bankruptcy in January 2023, according to Associated Press. National news outlets reported in September 2023 that Party City exited bankruptcy after a judge approved the chain’s reorganization plans.
Litwin told corporate employees during the conference call that the company has “done everything possible that [they] could try to do to avoid this outcome,” CNN reported.
Friday was their last day of employment.
“Unfortunately, it’s necessary to commence a wind down process immediately,” Litwin said.
Party City did not immediately to a request for comment Friday.
Email Poet Wolfe at poet.wolfe@theadvocate.com.
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