The biggest retailer of party supplies in the US has just announced that it will close all 700 of its retail stores by February 2025. The supply store is known for being the go-to place for Americans to get glittering backdrops for parties, New Year’s Eve celebrations, Super Bowl parties, or any other special occasion.
According to an internal letter, Party City store managers were told that the company began its “Wind-down process” on Friday and will continue until 28 February 2025. The letter mentioned that the store managers can keep their pay and benefits if they keep working until the shutdown.
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According to the company, recent inflation and a significant change in consumer spending are the driving forces behind the shutdown of 748 stores across the US. The company, which was founded in 1986, has more than 16,000 employees. However, the total number of employees laid off and the exact number of stores to be closed is still unclear as no company representative spoke.
This marks the biggest store closure in the US after 2020, when the pandemic forced the shutdown of various stores and businesses. However, experts believe that this shutdown is different as the company employed more than 16,000 people. A complete shutdown would mean 16,000 unemployed people, which is not good considering the current state of inflation and the economy as a total.
