Bankrupt Party City is closing all its stores, including four in Northeast Florida.
New Jersey-based Party City Holdco Inc. announced Dec. 21 plans to wind down its retail and wholesale operations and begin going-out-of-business sales at its approximately 700 stores nationwide.
Party City says it is North America’s largest party goods retailer, offering items for birthdays, Halloween parties, baby showers and holiday events.
“As with many other retailers, macroeconomic headwinds more recently proved too severe for the Company to overcome,” Party City said in a news release.
“The decision was made following exhaustive efforts by the Company to find a path forward that would allow continued operations in an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors,” the company said.
Party City has four stores in Northeast Florida, according to its website:
• 9400 Atlantic Blvd. Suite 23, in The Park at Regency shopping center.
• 6001-29 Argyle Forest Blvd., Unit 29, in the Argyle Village Shopping Center.
• 11112-12 San Jose Blvd., in Claire Lane Center.
• 440 CBL Drive, Suite 101, in Cobblestone Village in St. Augustine.
Party City filed for Chapter 11 bankruptcy Dec. 21 in the U.S. Bankruptcy Court for the Southern District of Texas.
Party City said it plans to retain more than 95% of its 12,000 employees for some time to assist with the wind-down process.
CNN reported that employees said they were told that all stores in the U.S. would close by the end of February.
Party City says it has about 700 company-owned and franchise stores in North America.