Bankruptcy in Streamers: Party City Closes Doors

The well-known American party supply chain Party City has announced that it will permanently close all its stores next year. The company, which operated over 800 locations at its peak, has more than 50 stores in the states of New Jersey, Pennsylvania, and Delaware alone. Now all doors will be locked forever in the coming weeks. Founded in New Jersey in 1986, the chain is headquartered in Woodcliff Lake. Party City has faced significant financial hurdles in recent years. Inflationary pressures, a decline in consumer spending, and growing competition from online providers have severely challenged the company. An unusual problem was the global helium shortage, which significantly impacted the company's sales of balloons—one of its main products. Although Party City was able to eliminate nearly a billion dollars in debt last year through a bankruptcy proceeding, a business resurgence did not materialize.