(KNSI) — The party is over for supply store Party City.
According to the company website, after nearly 40 years, all 850 stores, including the St. Cloud location at Rivertown Village, are closing. The note to customers says it has been an honor to help customers mark special occasions and milestones, and “we hope that we have made it easy for you to create unforgettable memories that will last a lifetime.”
A helium shortage deflated Party City’s balloon business, and like most other retailers, It was not immune to rising costs and inflation.
Party City declared bankruptcy in January 2023, canceling around $1 billion in debt but keeping most stores open. The company exited bankruptcy in September 2023 after a judge signed off on its reorganization plans. It still had around $800 million in debt, which proved too much to overcome.
Earlier this month, Party City stopped paying its suppliers. Corporate employees were let go Friday, and stores will shutter by February 28th.
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