Party City names new CEO post-bankruptcy
Party City Holdco Inc. has named its new president and CEO after a long search.
Barry Litwin joins the party supplies retailer after it exited bankruptcy late last year, with CEO Brad Weston resigning shortly afterwards. Sean Thompson, president and chief commercial officer, has served as interim CEO since Weston's departure.
READ MORE: At Home names former Party City chief as CEO
Litwin most recently served as the CEO and board member of Global Industrial Company (GIC), a distributor of industrial products. During his seven-year tenure, Barry guided strategy and execution for all facets of the company, serving 500,000 customers across manufacturing, transportation, retail and healthcare.
Prior to his role at GIC, Litwin served as the CEO of Adorama for nearly four years, leading a turnaround of the omnichannel camera, photo-finishing services and consumer electronics retailer. He also previously held senior executive roles in retail and distribution with Sears, Office Depot, Avnet and Fannie May Candies.
Litwin brings a disciplined model to strategy setting and operational execution that delivers new revenue growth, gross profit improvement and operating expense efficiency, the company stated.
"The team and I look forward to welcoming Barry to the Party City family," said Bob Hull, chairman of the board at Party City. "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."
Party City filed for bankruptcy in January 2023 amid lower sales, ongoing supply problems and liquidity problems. In September of last year, the U.S. Bankruptcy Court for the Southern District of Texas approved the company’s restructuring plan, which “substantially strengthened its capital structure by eliminating nearly $1 billion in debt, enhanced its liquidity and optimized its Party City store portfolio” by negotiating improved lease terms and closing less productive stores.
"I am excited to join Party City at a pivotal time as we reposition the business for a stronger future," said Litwin. "Party City is a leader in party goods and supplies, and I see many opportunities to strengthen our financial performance and build a leading end-to-end celebration experience for consumers. I look forward to working closely with our team members, the leadership team, and the board of directors to create value for all our stakeholders."
Based in Woodcliff Lake, N.J., Party City operates more than 750 company-owned and franchise stores. Party City is the largest retailer of party goods in North America.
