Party City is going out of business.
The party supply chain, which had 10 locations in Alabama including one in Montgomery and one in Opelika, told employees on Friday that it was shutting down.
According to CNN , CEO Barry Litwin told corporate employees Friday in a meeting that Party City is “winding down” operations immediately and that Friday would be their last day of employment.
Party City has previously declared bankruptcy
Party City has been in financial trouble for years, first filing for bankruptcy in January 2023. That bankruptcy came with a restructuring that sparked store closures.
While the company exited bankruptcy in September 2023 , CNN reported the company was not able to overcome its financial challenges.
The company faces competitions from online stores, such as Amazon, and also seasonal pop-ups, such as Spirit Halloween , which pushed into the Christmas market as well this year.