Day: December 23, 2024

By Manhattan Real Estate Tracker, December 23, 2024

Party City to Close All Stores

Manhattan Real Estate Tracker has learned that 40-year-old party store retailer Party City will be closing all of its stores in the next few months. Party City operates two stores in Manhattan and eight stores in the five boroughs. Several stores in New Jersey will be closing by the end of February.

Barry Litwin, the company CEO said that the company was hurt by stubbornly high inflation that sent costs soaring and deterred consumers from spending. “It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said. Unfortunately, it’s necessary to commence a wind-down process immediately.”

(Google)

By Manhattan Real Estate Tracker, December 23, 2024

The Container Store Files for Chapter 11 Bankruptcy

Manhattan Real Estate Tracker has learned that the Container Store has filed for Chapter 11 bankruptcy protection. The store at one time had more than 1400 locations and now is down to about 100 locations. There is one store in Manhattan at 629 Sixth Avenue near the Flatiron Building.

The 1970s-founded store of organizing and storage solutions, The Container Store, has declared bankruptcy as a result of growing losses and cash flow issues. At the same time as demand for its products is being strained in a challenging housing market, where skyrocketing prices and high mortgage rates have slowed sales, the Texas company has seen an increase in competition from retailers such as Target and Walmart. The stores will continue to operate as it restructures.

Photo of the Container Store at 629 Sixth Avenue (Google)