The company made the announcement to the public Friday morning.
Party City, which operates a store in Montgomeryville, announced Friday it is closing down all locations with immediate layoffs.
According to CNN, CEO Barry Litwin made the announcement during a corporate meeting Friday morning, with everyone laid off as of Friday. Staff will not receive severance pay and all benefits would end as the company goes out of business, per the report.
Litwin took the reins at the New Jersey-based Party City four months ago, who intended to "strengthen (Party City's) financial health."
In January 2023, Party City declared bankruptcy, weighed down by a $1.7 billion debt. Per CNN, the bankruptcy filing erased $1 billion of debt.
While it operated more than 800 stores, about 10% of its locations shuttered between December 2022 and August 2024.
