Party City, the party supply retail chain, is going out of business and will close all of its stores, CNN reported on Friday.
Party City’s Bangor location at 480 Stillwater Ave. will remain open until the end of February, in order for the company to liquidate all remaining inventory, a store employee said Friday. The exact closing date is undetermined.
However, Dec. 20 marks the last day of employment for several members of the corporate office, the employee said.
Founded in 1986, the Woodcliff Lake, N.J.-based Party City has more than 700 stores in North America, including two in Maine, located in Bangor and South Portland.
Party City filed for bankruptcy in 2023 and was able to cancel nearly $1 billion of its $1.7 billion debt, CNN reported.
In a meeting on Friday viewed by CNN, CEO Barry Litwin told corporate employees that today would be their last day of employment, they would not receive severance pay, and their benefits would end as the company goes out of business.
