The world of retail stores hasn’t been the same since the pandemic. The continued rise and fall of Covid cases causing lockdowns and shipping delays hasn’t helped. More holidays and events are shopped for online than ever before. And some retailers have upped their inventory for the convenience of ordering ahead. One of the bigger names losing out is Party City, which has filed for bankruptcy.
The event supplier has suffered hard over these past three years. And, as it stands, they just can’t keep up any longer. Between supply chain delays and rising prices, the retailer also suffered heavily from a helium shortage that stalled their one of their biggest products: balloons. A “focal point of our growth strategy and are a key driver of our differentiated brand experience,” the company says.
Party City‘s long-tried to keep up with the competition posed by other holiday retailers like Spirit Halloween and Target. Prior to the pandemic, they held their own. But retail strategies aren’t the same as before, and aren’t likely to return to their former ways. And Party City has been bleeding profits since 2017. This past December, they were in significant danger of being taken off the lists of the New York Stock Exchange due to stock falling under an average $1 a share for 30 trading days.
Party City’s financial troubles may be the start of a domino effect for retail establishments. Bed, Bath, & Beyond made a bleak announcement as well, claiming they weren’t altogether sure if the store would survive. The pandemic has caused economic upheavals that we’re still yet to see the full results of.