Considering how much damage hedge funders have caused the US economy over the last 100 or so years, responsible for nearly every market crash, its ridiculous that its still a legal practice
If you work for a company and get told today is your last day, it should be grounds to personally sue the owners into oblivion beyond bankruptcy. It happens in the food industry constantly.
they want your 2 weeks before you quit but can let you go out of nowhere. its bs. i got let go right before my birthday & a couple months before a big move that they had full knowledge about & told me a month before that me moving would be fine & that i could keep my job. liars.
I have worked for places that knew they were closing months in advance, and people showed up to work one day to locked doors. They didnt even tell anybody.
Granted, yes! At least it may be possible for some to be returned. Still everyone should have gotten at least 2 weeks notice and / or 2 weeks pay in lieu of.
It can depend on local legislation but yes. Unless you can get control of the state legislative power and list the order that creditors get paid out. (for instance - Government, Employees, and then banks might fix some problems.)
It's bad enough to close because some billionaire needs a tax writeoff, but to unilaterally close every one and fire thousands of people with zero notice
Private equity continues to kill off businesses. Thank goodness the new administration is filled with billionaires and a broke, felon as our president. This is going to be a long 4 years.
I worked as a stocker at Party City the summer before I went to college. Honestly, it was an awesome job that had zero stress. Sad to see the company hollowed out by private equity.
I have so many good memories of Party City when my kids were young, their birthday parties, Halloween, school events. And the employees were awesome. Glad to hear you enjoyed it!
But so sad to see another icon of my kids’ childhood bite the dust.
I went in there a week ago because everyone in my family’s birthday is this week and the writing was very clearly on the wall… There was like nothing in the store.
I am very sorry for the employees, but honestly stores like Party City should be illegal. The amount of plastic trash those products create is criminal. Party supplies can & should be made largely out of paper products.
Coworker was laid off when his wife was seven months pregnant. He quickly found another job and the old company sued because the new job was with a competitor so he lost that job as well.
Even more shitty. I worked for a company that had an all company meeting and told us our jobs were safe. Right after the holidays they had a massive layoff. So a lot of folks were loaded with bill and were out of work
Clearly, they should have turned it over to Parliament-Funkadelic, cause as we all know, Ain't No Party Like a P-Funk Party, Cause the P-Funk Party Don't Stop.
The source of this is an organization that backs the growth of neighborhoods. You could replace the title of this with Walmart and find the exact same impact on Communities. It did destroy mom and Pop stores. The conundrum is
how to make it affordable to operate bodegas etc. In local neighborhoods
Walmart is very bad, yes. But you weren’t talking about how you shop there. Dollar stores are destroying communities that barely survived Walmart; in many ways they’re even worse. And if you don’t, for some reason, like the source I provided, there are plenty of others.
The POV was slanted.I hate Walmart never shop there. I live in suburbia the Dollartree is in a strip mall with Aldi’s Kroger, a butcher, Irani grocer etc. I understand It’s a different story with poorer areas-two opposing goals enable underserved to buy at a low price and sustain local business.
ha, i went to one wednesday trying to find gift bags that would hold 8x8 pans, store was pretty bare but they did have a "we're hiring" sign on the door lol
We didn’t have one in a college town rife with sorority/frat parties for the longest time, then two local party supply stores opened and they decided it was time to move in.
Comments
Then again, its America
The 3 foot “palm tree” sculpted from peeled prawns is going to look ridiculous with anything else. The rest of the decoration scheme collapses fast.
https://www.cnn.com/2024/12/20/business/party-city-shut-down/index.html
The sad reality is that they are not the only ones; this has become a common practice.
That's capitalism in a goddamn nutshell
But they were *already in bankruptcy* after wracking up *huge amounts of debt*
Back in 1999 they were inflating stock prices and needed to be rescued
and before that they were only making 100-200mil a year in profits on a good year
in 2021 they make 80mil in profits
That said, it was a shitty, wasteful, useless business with no reason to exist.
They didnt make them take 2bn dollars in loans from hedge funds
Loans banks wouldnt give them
regardless of how much i was gettin paid, it was the first and only time i ever genuinely enjoyed and had fun at a job.
actually sad to see it go now
But so sad to see another icon of my kids’ childhood bite the dust.
😢 🎉 😭
PartyCity overpriced.
But Buy-outs have destroyed jobs, commercial real estate etc.
https://ilsr.org/articles/17-problems/
how to make it affordable to operate bodegas etc. In local neighborhoods