Party City is going out of business after the retailer filed for Chapter 11 bankruptcy.
The New Jersey-based chain made the filing Saturday in the U.S. Bankruptcy Court for the Southern District of Texas. Party City has already emerged from a previous bankruptcy last year with about $1 billion less in debt.
The company will put its assets up for bidding or, if there’s no sale, “initiate store closing sales to liquidate all of the Party City Group Companies’ retail and wholesale inventory and locations,” according to the filing.
Party City CEO Barry Litwin told corporate employees in a meeting Friday that Party City is “winding down” operations immediately and that today will be their last day of employment, CNN reported.
Of its over 850 stores across the U.S., the First State is home to two locations. Here is where those stores are located:
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1297 Churchmans Road, Newark
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1047 N. Dupont Hwy Suite 1049, Dover
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USA Today Network contributed to this story.
This article originally appeared on Delaware News Journal: Party City going out of business closing all stores in Delaware, US
