Huge liquidation sale as major chain files for bankruptcy and closes store doors for good

Huge liquidation sale as major chain files for bankruptcy and closes store doors for good


BUMPER liquidation sales have started at Party City stores after officials announced a raft of store closures.

It comes just months after execs filed for bankruptcy and unveiled plans to shutter more than a dozen stores.

A Party City store in Jackson, Michigan is set to close on April 26

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A Party City store in Jackson, Michigan is set to close on April 26Credit: Google Maps
Liquidation sales have begun in a bid to clear the remaining stock (file image)

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Liquidation sales have begun in a bid to clear the remaining stock (file image)Credit: Getty

Four stores in Michigan are set to shutter in the coming weeks as part of the cost-cutting efforts.

One store in Jackson is set to close on April 26 and pictures, obtained by the radio station 1240 WJIM, show empty shelves and bosses are trying to clear all remaining stock.

Shoppers can grab themselves a last-minute bargain as some prices have been cut by up to 90 percent.

Haunting images show empty stock rooms, while officials have taped some aisles off.

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It means that there will be 22 Party City stores in Michigan following the closures.

Court documents, filed in February, revealed that the company is planning to shut down 22 stores.

The retail giant put 12 stores located across six different states up for auction.

The U.S. Sun has listed the Party City outlets that are set to close.

Officials revealed that the retailer had been affected by the decline in spending during the Covid pandemic.

Supply chain issues, relating to helium, have also negatively impacted the business, according to Reuters.

As of January 2023, Party City operated 823 stores and 770 were company-owned.

The company had more than 16,000 full- and part-time employees in 2021.

Party City is not the only embattled retailer that has filed for bankruptcy.

Renowned homeware giant Bed Bath and Beyond has also filed for Chapter 11 bankruptcy.

Bumper sales have begun and some products are being sold for 80 percent off.

The company will begin winding down operations at its 360 stores.

Dozens of Dirt Cheap outlets are also set to close around May 6.

Analysts at the investment bank UBS warned earlier this month that up to 90,000 stores could close in the next five years.

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Experts have predicted that at least 50,000 stores will shut as the so-called retail apocalypse continues to affect the sector.

Retail analysts believe that the crisis has been fueled by online shopping, the growing unpopularity of malls, and the death of middle-class consumers, Vox reported.





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