the staff of the Ridgewood blog
Woodcliff lake NJ, Woodcliff Lake-based Party City has appointed Barry Litwin as its new president and CEO, marking a significant leadership change as the company continues to recover from its recent bankruptcy. Litwin, who previously served as CEO of Global Industrial Company, will now lead Party City through its next chapter of growth and transformation.
In a LinkedIn post announcing his new role, Litwin emphasized that his top priority is to strengthen Party City’s financial health, acknowledging the challenges that lie ahead. He also shared his personal connection to the brand, noting that he has been an avid customer of Party City for years.
Litwin brings a wealth of experience to the role, having held executive positions at Adorama, Sears, and Office Depot. His appointment comes at a critical time for Party City, which, like many retailers, faced significant challenges during the COVID-19 pandemic. The company struggled with rising costs, a helium shortage, and the decline in parties and social gatherings, leading to its bankruptcy filing early in 2023.
As part of its bankruptcy plan, Party City successfully reduced its debt by $1 billion and transferred equity shares to its lenders. The restructuring also led to the departure of former CEO Brad Weston and the closure of several underperforming stores. Since then, Chief Commercial Officer Sean Thompson has served as interim CEO.
Bob Hull, Party City board chair, expressed confidence in Litwin’s ability to drive the company forward, stating, “We are extremely confident that Barry’s expertise in fostering business growth and transformation, as well as his people-focused leadership style, will bring Party City to the next level.”
With Litwin at the helm, Party City aims to navigate its post-bankruptcy recovery and position itself for long-term success.
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