Listen to this articleParty City brings a restructuring expert on board to strengthen its management team.
In a press release on August 12, the Woodcliff Lake-based specialty retailer announced Barry Litwin as its new CEO and president.
Litwin’s arrival comes nine months after Party City emerged from Chapter 11 bankruptcy with a reduced store footprint, a strengthened capital structure and improved liquidity.
Prior to Party City, Litwin was CEO and a board member of Global Industrial Co., an industrial products distributor. During his seven-year tenure, he led strategy and execution for all areas of the company’s manufacturing, transportation, retail and healthcare businesses. His resume also includes executive retail and sales roles at Sears, Office Depot, Avnet and Fannie May Candies.
Litwin also served as CEO of Adorama, where he orchestrated the turnaround of an omnichannel retailer of professional cameras, photo processing services and consumer electronics.
Party City CEO Bob Hull said he and the team are “extremely confident” that Litwin’s expertise “in driving business growth and transformation, as well as his people-focused leadership style, will take Party City to the next level.”
Keep working
In a LinkedIn post, Litwin wrote, “I am thrilled to announce my new role as CEO at Party City. As the leading omnichannel retailer of party goods and supplies, Party City has a long history of bringing joy to people. For the past twenty years, I have made it a tradition to start my sons’ and daughters’ birthdays with a special surprise – a beautiful Party City balloon floating above their beds. This tradition reinforces the importance of celebrating meaningful moments in all areas of our lives, whether personal, professional, athletic, academic or community.”
A new Way to shop
Party City unveiled its new, customer-focused floor plan earlier this year to offer “a redefined shopping experience” that simplifies party planning. Check it out.
“At Party City, our brand is focused on making it effortless for people to create unforgettable memories. Our stunning balloon bouquets are the centerpiece in over 700 stores. With our extensive product line, mobile and web capabilities, delivery services and dedicated team members, our primary focus is to provide an exceptional celebration experience for all occasions,” said Litwin.
“Our top priority is strengthening our financial health and we still have a lot of work ahead of us. However, our success is rooted in our people and our culture. I look forward to working with the board, leadership team and all of Party City’s employees to bring even more joy and celebration to our customers and their loved ones,” he added.
President and Chief Commercial Officer Sean Thompson had led Party City since November 2023. Thompson assumed the position temporarily after former CEO Brad Weston resigned.
As part of its restructuring agreement, the retailer eliminated nearly $1 billion in debt, renegotiated lease terms and closed underperforming locations. Founded 38 years ago in East Hanover, Party City is the largest party supplies retailer in the United States, Canada and Mexico.
When the company filed for bankruptcy in January 2023, it had about 820 stores, 770 of which it owned. Today, there are about 750 company-owned and franchised stores.
