BROOKLYN — AFTER NEARLY 40 YEARS of supplying Americans with party supplies and decorations, Party City is closing down, according to CNN. The company operates three retail locations in Brooklyn: 625 Atlantic Avenue, 2265 Ralph Avenue and 3797-3849 Nostrand Avenue. CEO Barry Litwin in a Zoom meeting told all corporate employees that their salaries and benefits ended last Friday, and that stores will cease operations on Feb. 28. Employees will not receive severance pay. The store has reportedly struggled to cope with high costs and lower consumer spending resulting from inflation, and had declared bankruptcy last year, only exiting three months ago.
“It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said to the company’s corporate staff at their last meeting, CNN reports. “Unfortunately, it’s necessary to commence a winddown process immediately.”
