Big Lots and Party City stores in Lexington are holding going-out-of-business sales after last week’s news that both retailers will begin winding down their operations.
Party City CEO Barry Litwin broke the news to corporate office employees Friday , telling them it would be their last day, CNN reported. Staff were told they would not get severance pay and their benefits would end as the company went out of business, with stores set to go dark by late February, per CNN.
It followed similar news from home discount retailer Big Lots, which Thursday announced plans to go out of business and close its remaining stores.
Between Party City and Big Lots and their recent going-out-of-business announcements, about 40,000 jobs are expected to be lost nationwide.
Big Lots is reported to have about 27,000 employees , with an additional 555 corporate office employees, according to media reports. Party City has about 700 stores staffed by roughly 12,000 employees , NPR reported.
In Kentucky, Party City has seven stores between Louisville, Lexington, Bowling Green and Florence, according to its online store locator. There are at least 35 Big Lots locations across Kentucky , per the retailer’s store locator.