Party City is going out of business. What does it mean for SLO store?
After 40 years, the party is finally over.
According to a CNN report Friday, massive party goods store Party City plans to close all of its stores and “wind down” operations immediately.
This likely includes the sole San Luis Obispo County location on Madonna Road in San Luis Obispo.
The announcement came at the hands of CEO Barry Litwin, who joined the company just one month before the New Jersey-based chain exited bankruptcy.
The company declared bankruptcy in January 2023 amid dwindling sales and greater expenses. In September, it announced it had reached an agreement with debtors that would help keep its stores open — though that plan was ultimately short lived.
“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 in the CNN article Friday. “Unfortunately, it’s necessary to commence a winddown process immediately.”
As of Friday morning, the company had not yet made an official statement on the closures. A request for comment from Party City representatives was not immediately returned.
The massive chain operates more than 750 company-owned and franchise store locations across North America, as well as other location in countries around the world, according to its website.
What does this mean for SLO’s Party City?
There is only one Party City store in San Luis Obispo County, located at 271 Madonna Road in San Luis Obispo.
The 10,000-square-foot store opened in January 2022, taking over the former Petco spot, which closed in December 2021.
As of Friday, the store was still open, with no signs alerting the public to an impending closure.
A manager at the site declined to comment to The Tribune, saying company policy was to not comment to the media.
The chain also formerly operated a location in Santa Maria, though that store has also since closed.
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