Retail Giants Party City and Big Lots Announce Nationwide Closures

In a shocking turn of events for the retail industry, two major chains, Party City and Big Lots, have announced the closure of all their stores across the United States. Party City, a staple for party supplies and decorations for nearly 40 years, is ceasing operations immediately. CEO Barry Litwin informed corporate employees that Friday, December 20, 2024, would be their last day of work. The company, which emerged from bankruptcy in September 2023, struggled with over $800 million in debt despite canceling nearly $1 billion during restructuring. 

Meanwhile, Big Lots, the discount retailer, has initiated "going out of business" sales at all its remaining locations. The Ohio-based company had already closed more than 400 stores earlier in 2024, reducing its footprint by approximately 30%. 

Both retailers cited ongoing financial difficulties, increased competition from online and big-box stores, and changing consumer spending habits as reasons for their closures. Party City faced challenges from rising costs during the pandemic and a helium shortage affecting balloon sales, while Big Lots struggled with high inflation and interest rates impacting discretionary spending.

These closures mark the end of an era for many consumers who relied on these stores for affordable party supplies and discount home goods. The retail landscape continues to evolve, with these shutdowns adding to the growing list of brick-and-mortar casualties in recent years.