DELMARVA - Party City, the country’s largest party supply store, is shuttering nationwide, including here on Delmarva.
According to CNN, Party City CEO Barry Litwin announced in a meeting with corporate employees Friday that the company was immediately “winding down” operations. Litwin told corporate employees today would be their last day and they would not receive severance pay, CNN reports.
“That is without question the most difficult message that I’ve ever had to deliver,” Litwin reportedly said during the meeting on December 20.
Party City named Litwin as its new CEO only four months ago, according to CNN. In January 2023, the company declared bankruptcy in order to shed almost $1 billion in debt. It exited bankruptcy a month after Litwin was named CEO. With $800 million in debt remaining, however, Party City saw strained earnings in 2024.
As of 2021, the company employed about 6,400 full-time and 10,100 part-time employees.
Delmarva has two Party City locations - Salisbury, MD and Dover, DE. The Salisbury location tells WBOC they will remain open until at least the end of February, possibly until the end of March. The Dover location also said current plans place a closure date at the end of February.
The news follows Thursday’s announcement that Big Lots was also preparing to close its stores nationwide.
