After almost 40 years in activity, Party City is going out of business, with all businesses closing
According to CNN, CEO Barry Litwin told its business people on Friday that Party City is “winding down” functions right away and that now may be their last day on the job. The benefits of Party City employees were informed that they would no longer be receiving compensation give and that their benefits may expire as the business was shut down.
On a video conference call, Litwin stated,” That is without a doubt the most challenging information that I’ve ever had to give.”
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It’s actually important for you to know that we’ve taken every precaution to prevent this from happening, Litwin said. ” Sadly, it’s necessary to start a winddown approach immediately”.
On the brief picture conference call, Karen McGowan, the company’s general human resources officer, repeatedly burst out in tears.
” I definitely know this is a lot to take in”, McGowan said. ” My condolences”.
According to the CNN record, the company’s plans to shut down operations appear to have slowed down gradually in recent months. According to a previous Party City commercial office worker, the product development team was told to return home instantly two weeks ago after being removed from its annual vacation with vendors. Because Party City had stopped paying its suppliers, the firm informed them that it thought the journey was a potential safety hazard.
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On December 10, those workers were sent home, and the following morning, business office locked the doors at the front entrance. The company’s security team advised employees to give a one-day see to safety in an email sent to them on December 11 that they needed to avoid allowing people in the building who didn’t own badge entry.
Management allegedly didn’t notice any financial issues at new town hall meetings, which allegedly caught employees off guard. On the phone Friday, Litwin apologized for the lack of communication.
We are aware that the flow of communication is not how we typically handle delicate things like this, Litwin said.
In a LinkedIn post before his appointment, Litwin stated that his company’s “main goal is to improve our financial wellbeing, and there is work forward of us.”
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The business had declared bankruptcy in January 2023, but exited bankruptcy a fortnight after Litwin’s appearance.
Until Friday, Party City was the largest party offer shop in the United States, with nearly 6, 400 full-time and 10, 100 part-time workers as of 2021.
