Party City, the retailer of party favors, paper plates, piñatas and more, has a new CEO at the helm.
Party City Holdco Inc. announced that Barry Litwin will join the company as its new president and CEO. Litwin previously served as CEO of Global Industrial Company, a leading distributor of industrial products, for six years. He replaces Brad Weston, who left the company after four years as CEO, a period that spanned the pandemic and bankruptcy, and now leads home furnishings retailer At Home.
Litwin’s task will be to lead the company back on a profitable path after its bankruptcy in 2023. He has experience in restructuring from his time as CEO of camera retailer Adorama.
Party City Holdings ranks 311th in the Top 1000. The Top 1000 database is Digital Commerce 360’s ranking of the largest North American online retailers by web revenue. There, it falls into the specialty category. Digital Commerce 360 predicts that Party City’s web revenue will reach $272.3 million in 2024.
Party City Web Sales by Year
Priorities of Party City’s new CEO
Party City’s decision to hire Litwin was received with enthusiasm by the board.
“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 Bob Hull, Chairman of the Board of Directors of Party City.
However, industry experts believe that Litwin will face numerous challenges in his new role.
“The challenges will be enormous, not only from a reputational perspective but also because of competition in e-commerce,” says Katelyn Daniell, retail analyst and co-founder of survey tool Precision Retail.
“On the reputational side, Party City must balance its image as a big-box store with supporting the community it serves while continuing to rebuild from bankruptcy,” Daniell said. “The new CEO must carefully manage Party City’s reputation.”
She added that the company needs better data to identify its core customers and determine whether they are simply looking for the lowest price or a stronger relationship.
Jennifer Silverberg, CEO of marketing data platform SmartCommerce, agreed that Party City faces important decisions.
“Party City needs to differentiate itself with exclusive offers and unique shopping experiences to stand out,” Silverberg said. “It needs to introduce new shopping categories like quick-service retail to meet the desire for convenience.”
Litwin’s perspective upon his arrival in Party City
“I am excited to join Party City at a pivotal time as we reposition the company for a stronger future,” Litwin said in a statement released along with Party City’s announcement. “Party City is a leading provider of party goods and supplies, and I see many opportunities to strengthen our financial performance and build a leading end-to-end celebration experience for consumers.”
Party City operates more than 750 company-owned and franchised stores and includes the design and manufacturing company Amscan, an industry leader in party decorations, tableware, costumes and accessories.
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