ISLIP, NY — Party supply retail chain Party City will be closing 14 stores on Long Island, including its Islip location the company said in a statement on Saturday.
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An employee told Patch the store on Sunrise Highway will close its door for good on Feb. 28, 2025. Until then, it’s offering liquidation sales of up to 50 percent off on everything.
According to the statement, the retail giant will close around 700 stores nationwide, including its Islip and North Babylon locations, after nearly 40 years as a go-to party supply store.
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The company said the decision to shut down was made “following exhaustive efforts by the Company to find a path forward that would allow continued operations in an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors.”
In the statement, company reps said that to “accomplish an orderly wind down,” it filed Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. This followed a 2023 restructuring in which it eliminated nearly $1 billion in debt.
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The company, which was founded in 1986, will retain over 95 percent of its 12,000 employees “for some time” to assist with the wind-down process, the statement said.
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