The liquidation of Party City has entered its final days.
Once the go-to store for party supplies and Halloween costumes, Party City decided in December to declare bankruptcy and liquidate. It hired Gordon Brothers to handle going out of business sales at the chain’s nearly 700 stores.
The chain had just emerged from an earlier bankruptcy filed in January 2023.
There are 14 Party City stores in the Chicago-area. Local stores can be found at Mokena Marketplace, Park Point Plaza in Orland Park, River Crest Shopping Center in Crestwood, Ford City Annex in Chicago, and Louis Joliet Pointe in Joliet.
Party City joins Big Lots and Joann Fabrics as retailers that have declared bankruptcy in recent months and have gone out of business or are holding liquidation sales.
A New York real estate advisory firm is getting ready to auction 790 retail store and five distribution center leases for the new owners of Joann.
West Coast asset disposition firm Great American Group LLC and an agent acting on behalf of the retailer’s term lenders won an auction bid for the company’s assets in Delaware bankruptcy court including the Countryside, Crestwood and Orland Park Chicago-area stores.
In addition, the New York firm is handling the auction of 695 Party City leases nationwide, among other auctions.
