Party City and Big Lots Announce Store Closures

Party City, a leading party supply retailer, is closing all of its 850 locations after nearly 40 years in business as it files for Chapter 11 bankruptcy for the second time in less than two years. This decision is attributed to financial troubles intensified by inflation, competition from major retailers like Amazon and Walmart, and a helium shortage affecting its balloon business. The company informed employees of the closure and immediate termination of their employment without severance pay, a particularly hard blow during the holiday season. Storewide sales are underway as Party City winds down operations, with stores expected to close by February 2025. Similarly, Big Lots has announced its own closure, affecting locations like Green Bay Plaza, where it and Party City are currently holding closing sales. These closures reflect broader economic challenges impacting retail businesses nationwide.