It seems like there is a wave of big companies closing stores, and Party City is no exception.
The repercussions of the Pandemic, inflation, changing consumer preferences, etc., are the many reasons why companies like Bed, Bath & Beyond, Gap, Tuesday Mornings, etc. are all closing down stores, including Party City.
In this article, find out the reason for what led Party City to such adversity, along with a list of Party City closing stores in 2023.
Is Party City Closing Stores?
Yes, Party City is closing 35 of its company-owned stores.
After filing for Chapter 11 Bankruptcy protection, according to their bankruptcy report, Party City announced in February that they would be closing 22 stores, then added 9 more stores in April and an additional four in May.
So as of 18th May 2023, Party City is all set to close 35 of its stores.
Why is Party City Closing Stores?
The reason why Party City is closing stores and reducing its footprint is because of the blow of the Corona Virus Pandemic.
Before the Pandemic, Party City was performing really well and even made revenue of $2.35 billion in 2019.
But then, when Covid hit, most people canceled their in-person celebrations, which cost Party City $174 million in EBITDA. And by the end of 2021, it had accumulated $1.4 billion in debt.
Because of the global lockdown, they lost business and faced disruption in the supply chain.
Consequently, they were saddled by the weight of inflation. All these factors are the reason why Party City is closing stores.
Is Party City Closing Stores Permanently?
Yes, Party City is selling out 35 stores permanently to recover from the blow of the Pandemic and resurrect from the $1.4 billion of debt they owe.
The company operated a total of 823 stores, out of which 770 were company-owned and 53 were franchised. The franchised stores will remain safe and will not be affected by the Chapter 11 Bankruptcy filing.
But after the closure of 35 Party City stores, 735 Party City stores would still remain open.
List Of 35 Party City Closing Stores In 2023
Here’s a list of Party City Closing Stores:
- Downey: 7171 Firestone Blvd
- Marina: The Dunes on Monterey Bay, 125 Gen Stillwell Dr.
- Lodi: Southwest Plaza, 2350 West Kettleman Lane
- Palmdale: Amargosa Commons, 39451 10th St. West
- Cartersville: Cartersville Crossing, 451 East Main St.
- Rome: 2702 Martha Berry Rd.
- Waterloo: Crossroads Commons Shopping Center, 1415 Flammang Dr.
- Bradley: Bradley Commons, 2060 N. State Rte. 50
- Noblesville: Stony Creek Marketplace, 17160 Mercantile Blvd.
- Slidell: Stirling Slidell Shopping Center, 61119 Airport Rd.
- Saugus: Sherman Plaza, 1160 Broadway Space #1160C
- Holland: Felch Street Shopping Center, 3050 Beeline Rd., Ste. 20
- Benton Harbor: Fairplain Plaza, 1040 Fairplain Dr.
- Fort Gratiot: 4047 24th Ave.
- Jackson: Jackson Crossing, 1510 N. West Ave.
- Belton: Belton Gateway, 541 East Markey Pkwy.
- St. Joseph: East Hills Shopping Center, 3702 Frederick Ave., Ste. L12
- Walker: Alpine Summit, 3175 Alpine Ave. NW
- West Paterson: Mcbride Lenox Plaza Shopping Center, 1756 Route 46
- Bronx: Throggs Neck Shopping Center, 815 Hutchinson River Pkwy
- Buffalo: Boulevard Consumer Square, 4090 Maple Rd.
- Bronx: Broadway Plaza, 171 W. 230th St.
- Irondequoit: Culver Ridge Plaza, 2255 E. Ridge Rd.
- New York: 301 W. 125th St
- New York: 223 W. 34th St.
- Staten Island: The Boulevard, 2636 Hylan Blvd
- Lancaster: River Valley Plaza, 1320 River Valley Blvd.
- Midwest City: Sooner Rose, 5825 SE 15th St.
- Lawton: Cache Road Square, 3801 NW Cache Rd., 19B
- Corvallis: Circle 9 Shopping Center, 944 NW Circle Blvd.
- Garland: 3065 N President George Bush Hwy
- Corpus Christi: Five Points Shopping Center, 4101 Hwy. 77, Ste. K2
- San Angelo: Sunset Shopping Center, 4141 Sunset Drive
- Martinsburg: Martinsburg Mall, 800 Foxcroft Ave.
- Beckley: Raleigh Mall, 4283 Robert C. Byrd Dr.
The Pandemic was like a bolt from nowhere, and no business was prepared for such an unexpected blow in the face; at least Party City wasn’t.
It is saddening how the Pandemic turned a profit-making company into a loss-making one and damaged it to the point that it had to file for bankruptcy.
Party City is all set to close 35 of its store to restrict again. Hopefully, the company will be back on its feet again.
To access the list of Party City closing stores refer to the section above.
Shefali Jain is a Content Writer & Editor at USWorkforce.org
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes. In her time at the organization, she has written and edited content on a range of topics, including employment law, human resources, and business management.