Bankruptcy was filed in 2023

According to CNBC, Party City filed for bankruptcy in late 2023 as they faced debt of $1.7 billion. After bankruptcy, the company planned to transition into a privately held company. In August 2024, Litwin was named CEO, expressing optimism about reviving the company at the time.

“I am excited to join Party City at a pivotal time as we reposition the business for a stronger future,” he said in a press release. “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.”

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