Is Party Over for NJ-Based Company With Mays Landing Store?

There's more financial trouble for New Jersey-based Party City just over a year after the company claimed bankruptcy.

Party City Is in Trouble

The word is that Party City, the largest retailer of party goods in the United States, is running out of cash and behind on its rent in some of its 850 stores across the country.

Party City's troubles have been going on for years. The company finally entered bankruptcy in 2023 with about $1.8 billion in debt.

They were able to stop the bleeding by closing more than 60 stores, including one in New Jersey. That brought the debt down by $1 billion and Party City avoided liquidation, a fate that brought down other retails chains like Bed Bath & Beyond.

But it might not have been enough to save Party City, according to Bloomberg. They still owe over $800 million.

When Party City's Problems Started

The celebration retailer, known for selling balloons and essential party supplies, really began to struggle in 2019 when there was a world-wide shortage of helium.

Filling balloons with helium was one of the company's most profitable services and it's what brought people into the store.

The the pandemic hit and people stopped having parties.

In addition to being set back since the pandemic, Party City has had to compete with other well-known retailers like Walmart and Target, and South Jersey-based Halloween pop-up store, Spirit Halloween.

By 2023, Party City had to file for bankruptcy.

Party City's Presence in New Jersey

Party City was founded in New Jersey in 1986 and still has its corporate headquarters in the Garden State.

Party City's 26 New Jersey locations include stores in Consumers Square, Mays Landing, Millville, Deptford and Turnersville.

'Party City used to be one of the best games in town, but it is now something of an also-ran operation,' Neil Saunder, managing director of Global Data Retail said last year.

'There is likely still something of a role for Party City,' he continued, adding that the company should consider beefing up its online website.