The Party is Officially Over in Iowa, Illinois, and Wisconsin

The same week that Big Lots announced they were closing all stores, starting "going out of business" sales in many prior to Christmas, another popular chain with locations in Iowa, Illinois, and Wisconsin announced it will be doing the same.

The largest party supply store in the United States is closing all of its doors, leaving approximately 6,400 full-time and 10,100 part-time workers unemployed. Per usual in America, nothing says "happy holidays" like a swath of layoffs.

Alas, Party City will be closing all of its current locations, an upwards of 850. The company, known for selling balloons, costumes, party hats, and other party goods, has failed to compete with websites selling the same or similar products in bulk, along with Spirit Halloween, as well as fellow big box stores.

Not to mention, if you recall, there was a helium shortage in 2019, which impacted Party City greatly. Apparently, helium tank rentals were one of the biggest facets of Party City's business. That was a huge reason why they stayed open as long as they did, even in the face of grocery stores selling party supplies.

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Last week, Party City CEO Barry Litwin told corporate employees in a meeting, per CNN, that the company would be "winding down" operations before laying off those on the call. The staff was told they would not receive severance pay, and their benefits would end as soon as the company went out of business.

Merry Christmas, and thank you for your service.

Some of Party City's employees received letters that the company would close down stores on February 28th, per CNN:

Although Party City believes these closings are in the best interest of the company, we regret that we have had to take this step and thank you for your valued contributions and service to the company - the letter received by Party City employees, per CNN

Party City declared bankruptcy in January 2023, as the company struggled to pay off its $1.7 billion debt load. While it was able to cancel about $1 billion by going bankrupt, and keep over 800 stores open, it still had more than $800 million of debt, which ultimately crippled the company.

Party City presently has six Iowa stores, including ones in Davenport, Marion, and West Des Moines. There are a whopping 32 locations in Illinois, including ones in Downers Grove (shoutout to my home area), Chicago, and Rockford. There are 10 locations in Wisconsin, including in Green Bay, Madison, and Kenosha.

Party City's closure comes in conjunction with Big Lots' closure, despite the fact the two corporations are unrelated. At its peak, Big Lots had more than 1,400 stores in the United States. Like so many companies, the corporation has struggled in inflationary times, with customers seeking out value as opposed to lower cost items. In the midst of this, dollar stores have been struggling too.

Read more about Party City's imminent closure on CNN's website.