Party City, the iconic retailer known for its party supplies and decorations, is closing another one of its remaining locations. The store located at 9130 W. Broad St. in Richmond, Virginia, will cease all operations at the end of the month, leaving just one Party City store left in the state. This marks another chapter in the retailer’s ongoing struggles, following its recent bankruptcy filing and the closure of hundreds of locations.
Why Is Party City Closing More Stores?
The store closure in Richmond is part of Party City’s larger plan to downsize, following its bankruptcy emergence in 2024. Party City corporate announced that it would be shutting down nearly 900 stores, with almost 700 of those locations in the U.S. The closures come after the company filed for bankruptcy, citing financial struggles exacerbated by the challenges of maintaining a large brick-and-mortar retail presence.
Steve Fram, the franchisee who owns the two Party City stores in Virginia, confirmed that the Broad Street location will close. However, his other store at 12741 Stone Village Way in Midlothian will remain open. Despite the bankruptcy of the larger Party City corporation, Steve’s franchisee status has allowed him to keep using the Party City name, and he hoped that he could keep his remaining store open.
The Impact of Party City’s Financial Troubles
The Richmond closure is significant for several reasons. For one, the Broad Street store has been part of the community since 1994. Steve Fram has owned and managed it for decades, making its closure a tough decision for him and his team. Unfortunately, despite his efforts to keep the store open, the location couldn’t sustain enough business to remain viable. This closure means that the Broad Street location will soon join the hundreds of other Party City stores that have shut down in recent months.
Steve is one of just nine remaining franchisees who still operate Party City stores. Between these nine franchisees, they collectively own 29 stores, but many of them have already closed, and others are expected to follow suit soon. After this latest closure, only 26 franchise locations will remain across the U.S., with each paying to use the Party City name and royalty fees on sales.
Job Losses and Community Impact
The closure of the Broad Street store also means that 15 employees will lose their jobs. Steve expressed the difficult decision he had to make in managing this closure and finding a way to support his staff. While the remaining Midlothian store will continue to operate, the loss of jobs and the closure of a long-standing store like the Broad Street location represents the end of an era for Party City in Virginia.
Party City’s Future
As Party City continues to downsize, it’s clear that the company is going through significant restructuring. With the closure of nearly 900 locations across the country, the company is losing a substantial portion of its market presence. The remaining franchise stores will continue to operate, but with much fewer locations and less of the brand’s previous reach. The future of Party City seems uncertain, and its customers are now faced with the reality that their local stores might not be around much longer.
The closure of Party City’s Broad Street location is another sad chapter in the retailer’s story. After decades of serving the Richmond community, this store will soon be gone, leaving just one Party City location in Virginia. While some franchisees will continue operating their stores, the company’s future remains uncertain as it deals with the aftermath of bankruptcy and hundreds of store closures across the country.
