Party poopers, it’s your time.
Party City, the largest retailer of party goods in North America, is “winding down” operations immediately, according to CNN.
CEO Barry Litwin delivered the news to corporate employees on a conference call Friday, informing them it would be their last day of employment.
Party City didn’t immediately respond to a request for comment from HuffPost.
The iconic party-supply retailer filed for Chapter 11 bankruptcy in 2023. Reuters reported at the time that the company had effectively run out of cash and was behind on rent at several locations.
Party City closed 45 stores in 2019 amid a global helium shortage, though the company denied skyrocketing helium prices had anything to do with the decision.
Per CNN, the company had 6,400 full-time and 10,000 part-time workers as of 2021. The employees will not receive severance pay and after Friday will no longer have benefits.
The New Jersey-based company hired Litwin in August of this year, touting his expertise “in fostering business growth and transformation” at the time.
“I am excited to join Party City at a pivotal time as we reposition the business for a stronger future,” Litwin said in a news release announcing his hire.
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“Party City is a leader in party goods and supplies, and I see many opportunities to strengthen our financial performance and build a leading end-to-end celebration experience for consumers. I look forward to working closely with our team members, the leadership team, and the Board of Directors to create value for all our stakeholders.”
The company’s staff were told Friday, according to CNN that there would be no severance pay, and they would no longer have benefits.