The party is over at Party City. The retailer, which emerged from bankruptcy last year, has filed for Chapter 11 again. Party City Holdings Inc., based in New Jersey, filed for bankruptcy early Saturday in U.S. Bankruptcy Court for the Southern District of Texas. The company plans to “wind down its business and liquidate its assets.” Party City will auction off its assets or, if no sale occurs, begin store closing sales to liquidate all retail and wholesale inventory and locations.

The company, which once operated about 750 stores, filed for Chapter 11 bankruptcy in January 2023 and emerged in October 2023 with $1 billion less in debt. Barry Litwin, who joined the company in August 2024, was named CEO following the restructuring.

*Article courtesy of USA Today

For more information about South Jersey retail space, or other New Jersey and Philadelphia commercial properties, please call 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier South Jersey commercial real estate brokerage firm that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors, and sellers.