Social gathering Metropolis recordsdata for chapter, a day after saying mass layoffs at its headquarters

Standard retail chain Social gathering Metropolis filed for chapter safety Saturday, a day after it disclosed to workers that it could be implementing mass layoffs at its New Jersey headquarters.

The submitting was made in chapter courtroom within the Southern District of Texas, in line with courtroom paperwork obtained by CBS Information. The corporate had liabilities of between $1 billion and $10 billion, in line with the submitting. 

On Friday, Social gathering Metropolis’s chief human assets officer Karen McGowan knowledgeable workers in an e-mail obtained by CBS Information New York that it was conducting a direct “mass layoff” at its headquarters in Woodcliff Lake, New Jersey.

CNN reported Friday that Social gathering Metropolis CEO Barry Litwin informed company workers in a gathering that the corporate was “winding down” operations. Some retailer workers additionally acquired letters Friday that every one the chain’s shops could be closing in February, CNN stated.

Social gathering Metropolis, which makes a speciality of celebration provides and was based within the mid-Eighties, has greater than 700 company-owned and franchise retailer places throughout North America, in line with its web site. It additionally has an e-commerce operation that it manages via PartyCity.com. It is unclear if the net arm will proceed. 

Social gathering Metropolis didn’t reply to a request for remark when reached by CBS Information New York Friday. 

2024 has been a tough 12 months for U.S. retailers. There have been greater than 7,100 retailer closures via the top of November 2024, a 69% soar from the identical time final 12 months, in line with information from analysis agency CoreSight. 

contributed to this report.