If you’ve ever made a last-minute dash for party supplies, you know this one hits hard. Party City, the beloved party supply chain known for its aisles of balloons, streamers, and seasonal decor, is closing all of its stores after nearly 40 years. The announcement, made by CEO Barry Litwin, revealed that the company is "winding down" operations immediately, with corporate employees reportedly being let go the same day.
Litwin, who took the CEO role just four months ago, described the decision as one of the hardest he’s ever had to make. The store had been battling financial struggles since filing for bankruptcy in January 2023 with $1.7 billion in debt. Despite keeping 800 stores open post-bankruptcy, more than 80 locations eventually shuttered before the final decision to close shop for good.
But that’s not the only store we will be saying goodbye to. Discount retailer Big Lots is also shutting down its remaining locations. The bargain chain, known for everything from snacks to home goods, is running its going-out-of-business sales after filing for Chapter 11 bankruptcy protection in September. Hopes of a sale to a potential buyer fell through, and the company is now working to strike a new deal before early January.
If you’ve been holding off on grabbing those holiday decorations or stocking up on next year’s party supplies, now might be the time to swoop in for clearance deals before the doors close for good. Balloons, banners, and bargain finds might be gone faster than you can say "Happy Birthday!"