Party City Holdco Inc. (PCHI) has announced plans to wind down its retail and wholesale operations, marking the end of its nearly 40-year run as a go-to destination for celebration supplies. The going out of business sales will take place at approximately 700 stores nationwide, including the Irving location on Highway 183.
The decision follows exhaustive efforts to find a sustainable path forward amid challenges such as inflationary pressures on costs and reduced consumer spending. To ensure an orderly closure, PCHI and its subsidiaries voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.
This move comes after a 2023 restructuring that eliminated nearly $1 billion in debt. However, ongoing macroeconomic headwinds ultimately proved insurmountable for the company.
PCHI is retaining more than 95% of its 12,000 employees during the wind-down process and expressed gratitude for their dedication. "We are thankful to our team members and customers for their support over the years," the company said in a statement.
Shoppers can take advantage of deep discounts on party supplies, decorations, and more during the going out of business sales, which will continue while inventory lasts. Customers are encouraged to shop early for the best selection.
A store locator is available on partycity.com, and the company has filed motions with the Court to uphold commitments to employees and secure financial support to fund operations during the closure process.
