Popular Chain Files Bankruptcy – Is the Party Over in Upstate NY?
Party City is the largest retailer of party goods in the United States, Canada, and Mexico, operating over 750 company-owned and franchise outlets, with three right here in the Capital Region - but that number is dwindling.
Last week, it was announced that the company filed for Chapter 11, and with that came news that headquarters shut down two of 17 New York stores, one in Manhattan and one in the Bronx.
“As we take this important step to put our business on (a) stronger financial footing for the future, we are as committed as ever to inspiring joy by making it easy for our customers to create unforgettable memories,” Party City CEO Brad Weston said in a statement.
In all, Party City will close 22 of its locations across the nation, so what does that mean for the 3 stores in the Capital Region, and the other dozen or so across the State of New York?
Party City has 3 locations in the Capital Region, one in Crossgates Commons, another in Latham Farms, and a third at the Crossings in Clifton Park and right now, there are no announced plans to do away with any of these stores.
According to the source, the Chapter 11 announcement came with the news that Party City will auction off 12 stores across the U.S. and close another 10, with the possibility of more to come.
Party City has been a household name in the industry for decades and was relied upon for party decorations, Halloween costumes, balloons and so much more.
Industry experts say that pandemic restrictions, supply chain issues, high inflation, and competition all contributed to them filing for Chapter 11.