Party City to ‘wind down’ operations, close all stores: Reports

Party City, a popular balloon and party supply store with hundreds of locations nationwide, including more than two dozen in the Chicago area, is reportedly close all stores and close operations “immediately.”

The reported closures mark the end of nearly 40 years of business for the retailers.

CNN reported that Party City CEO Barry Litwin told corporate employees during a meeting on Friday that the company is “closing down” its operations, adding that his last day of employment would be December 20.

“It’s really important for them to know that we’ve done everything we can to try to avoid this outcome,” Litwin said during the meeting, according to CNN reports cited by multiple outlets. “Unfortunately, it is necessary to start a liquidation process immediately.”

An employee at a Chicago-area location in the northern suburbs confirmed the closure, with the last day scheduled for Feb. 28, 2025. An employee at another Chicago-area location said all stores were closing, but not specified a date. Calls to several Chicago stores were not returned.

In 2023, the New Jersey-based party supply chain filed for Chapter 11 bankruptcy protection after battling rising prices and a decline in customer spending. As a result, the company planned to close 22 stores.

At the time, the company said its franchised stores, non-U.S. subsidiaries and its Anagram foil balloon business are not part of the restructuring and will remain core components of its business.

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As of Friday afternoon, Party City’s website was still operational.

NBC Chicago’s phone calls to Party City’s corporate office went unanswered.

This is a breaking news story that will be updated as more information becomes available.