The party’s over.
The national Party City chain — which includes a St. Augustine store — is going out of business after 40 years, officials announced Friday.
“It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” CEO Barry Litwin said on a conference call, according to CNN. “Unfortunately, it’s necessary to commence a wind down process immediately.”
A staffer at the St. Augustine location told The Citizen that employees were informed of the news today.
CNN reported that the chain would be ceasing operations immediately, but the St. Augustine staffer said they would be remaining open through February.
No severance packages will be offered, the outlet reported.
“We didn’t know this was coming” the local employee said.
Litwin — who was appointed CEO just four months ago — said inflation had hiked the company’s costs and contracted consumer spending.
CNN reported that corporate employees at the company were furious at a lack of communication about the impending closure.
