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Another casualty in this economic slaughter is Party City, which has announced it will close all 750 of its stores by February 2025. Having been a staple in party supplies since 1986, Party City has succumbed to a second Chapter 11 bankruptcy filing in just two years. If this trend continues, close to 40,000 jobs could be wiped out across these two companies.
It is essential to recognize that these closures are not isolated incidents. They represent a growing trend of businesses that fail to adapt to significant shifts in consumer behavior, especially amid rising inflation and economic uncertainty.