Bye-Bye Balloons: Party City Closes Doors

For decades, Party City has been the go-to place for party supplies, from Halloween costumes to birthday favors. But recently, the retailer announced it's shutting down nearly 700 stores nationwide. The company filed for Chapter 11 bankruptcy for the second time in two years, blaming tough economic conditions and intense competition. Party City faced challenges like rising costs, slow consumer demand, and competition from big-box stores like Walmart and Target. Even occasion-based pop-up shops, like Spirit Halloween, added pressure. The retailer tried to restructure debt but couldn't overcome the economic headwinds. They'll keep most of their 12, 000 employees to help close stores. The closure follows similar moves by other retailers. Discount chain Big Lots also started going-out-of-business sales recently. Party City's website now offers up to 50% discounts as they wind down. It's a tough time for many retailers, with inflation and changing consumer habits playing significant roles.