Party City is going out of business

[TBoneTX 45,593]

And here goes yet another.  Article says that the stores will be closed down on February 28 and employees terminated then.  Corporate employees get fired with same-day notice and no severance the week before Christmas.  Bungled!

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Party City is going out of business

 

Party City is closing down all of its stores, ending nearly 40 years in business, CNN has learned.

CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is "winding down" operations immediately and that today will be their last day of employment.  Staff were told they will not receive severance pay, and they were told their benefits would end as the company goes out of business.

"That is without question the most difficult message that I've ever had to deliver," Litwin said at the meeting, which was held on a video conference call.

Party City's "very best efforts have not been enough to overcome" its financial challenges, he added, resulting in the company's collapse.  Litwin said the company struggled to contend with inflation, which sent the company's costs higher and dragged down consumer spending.

"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.  "Unfortunately, it's necessary to commence a winddown process immediately."

Also on Friday, [...]

 

https://www.cnn.com/2024/12/20/business/party-city-shut-down/index.html

[Ban Hammer 13,429]

Quote

“We recognize the flow of communication has not been how we typically handle sensitive matters like this,” Litwin said.

yes, he intentionally kept the minions in the dark.

 

Quote

Detailing corporate employees’ benefits and severance, Party City’s Chief Human Resources Officer Karen McGowan broke down in tears several times on the short video conference call.

Staff were told they will not receive severance pay, and they were told their benefits would end as the company goes out of business.

unless one has a golden parachute..........

[TBoneTX 45,593]

Yes -- utterly and callously bungled.