Well-liked retail chain Social gathering Metropolis filed for chapter safety Saturday, a day after it disclosed to staff that it will be implementing mass layoffs at its New Jersey headquarters.

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

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

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

Social gathering Metropolis, which makes a speciality of social gathering provides and was based within the mid-Eighties, has greater than 700 company-owned and franchise retailer places throughout North America, in response to its web site. It additionally has an e-commerce operation that it manages by PartyCity.com. It is unclear if the web 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 by the top of November 2024, a 69% leap from the identical time final 12 months, in response to knowledge from analysis agency CoreSight. 

contributed to this report.