Which well-known retail stores have filed for bankruptcy?
Red Lobster, Walgreens, Rite Aid and many other retailers are struggling with deteriorating financial conditions.
Woodcliff Lake-based Party City named a new president and CEO on Monday following the company’s bankruptcy filing last year.
Barry Litwin, most recently CEO of Global Industrial Company, a manufacturer and seller of industrial supplies, will lead Party City.
“Our top priority is to strengthen our financial health and we still have a lot of work ahead of us,” he said in a LinkedIn post, noting that he has been an enthusiastic customer of the Party City brand for years.
Litwin previously served as CEO of electronics retailer Adorama and held leadership positions at Sears and Office Depot.
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Since the COVID-19 pandemic began, chains like Party City have struggled with rising costs and a helium shortage, as well as the loss of parties and other social gatherings during the pandemic.
Party City eventually filed for bankruptcy in early 2023, a process that was completed last September.
The bankruptcy reduced debt by one billion dollars
As part of the bankruptcy plan, Party City’s debt was reduced by $1 billion and shares were given to the retailer’s lenders. The previous CEO, Brad Weston, also left the company and Party City was forced to close several of its low-revenue stores.
Since then, Chief Commercial Officer Sean Thompson has served as Party City’s interim CEO.
“We are extremely confident that Barry’s expertise in driving business growth and transformation, as well as his people-focused leadership style, will take Party City to the next level,” said a statement from Bob Hull, Party City’s chief executive officer.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
E-mail: [email protected]; Twitter:@danielmunoz100 and Facebook
