Party City is going out of business. What we know so far about Michigan locations

Category: Business

Party City is shutting down its operations, closing all 20 locations in Michigan. CEO Barry Litwin announced that employees were informed of the immediate closure, marking the end of their employment. The company has struggled financially, filing for bankruptcy in January 2023 and exiting in September 2023, but failed to recover from its challenges, facing competition from online retailers and seasonal stores.

Keywords: Party City, bankruptcy, store closures

Source: Lansing State Journal

Update At: 12/21/2024

Related Sources

Disney beats estimates as combined streaming services turn a profit

Disney's fiscal third-quarter earnings exceeded analyst expectations, with a 19% increase in total segment operating income to $4.225 billion. The company's combined streaming businesses, including Disney+, Hulu, and ESPN+, turned a profit of $47 million, marking a significant turnaround from a $512 million loss in the same quarter last year. However, the direct-to-consumer streaming unit, excluding ESPN+, reported a loss of $19 million.

CNBC

Disney’s streaming business turned a profit for the first time

Disney's streaming business has achieved profitability for the first time, reporting a $47 million profit in Q3, a significant turnaround from a $512 million loss last year. Disney Plus and Hulu contributed to this success, while ESPN Plus continued to incur losses. Subscriber growth for Disney Plus and Hulu has been modest, with Disney Plus reaching 54.8 million subscribers and Hulu 51.1 million.

The Verge

Disney’s Parks Struggle, Exposing a New Trouble Spot

Disney's theme parks are facing challenges due to reduced consumer spending amid high inflation, leading to weaker-than-expected financial results. Revenue increased by 2% to $8.4 billion, but operating profit declined by 3% to $2.2 billion. The company is managing costs aggressively as demand softens, which could affect future quarters. Theme parks have become crucial for Disney's financial health, contributing significantly to operating profit and funding expansions in streaming and cruise lines.

The New York Times

Disney earnings: Streaming unit turns first profit while parks business lags

Disney reported its streaming division turned a profit for the first time, with Q3 adjusted earnings of $1.39 per share and revenue of $23.2 billion. However, the parks division faced challenges, leading to a 6% drop in operating income. The company raised its full-year adjusted earnings growth guidance to 30% and announced price hikes for Disney+ and Hulu. Despite a slight increase in Disney+ subscribers, average revenue per user fell. The parks business is expected to continue facing demand moderation, while ESPN showed growth in operating income.

Yahoo Finance

Disney Tops Views With First Streaming Profit; Parks Disappoint

Walt Disney Co. reported mixed third-quarter results, with its US theme parks facing challenges from rising costs and low demand, while achieving its first profit in streaming. Disneyland Paris was impacted by reduced summer travel due to the Olympics, and there was noted softening in China.

Bloomberg.com

Disney's streaming business turns a profit for the first time and earlier than expected it as company tops expectations

Disney's streaming business has achieved profitability for the first time, surpassing expectations ahead of schedule.

ABC News - Breaking News, Latest News and Videos

Disney returns to profit in third quarter as streaming business starts making money for first time

Disney reported a profitable third quarter with a significant increase in operating income, driven by its streaming business and the success of Inside Out 2. The company achieved profitability in its combined streaming services for the first time, while revenue rose 4% to $23.16 billion. Despite challenges in domestic parks, Disney anticipates continued growth in adjusted earnings per share.

AP News

Disney’s Q3 Earnings Report Reveals $65M “Legal Ruling” Charge

Disney's Q3 earnings report shows its streaming services are profitable, but legal costs remain high, with a $65 million charge related to a legal ruling. The company previously recorded a $101 million charge in the prior year. Ongoing legal disputes, including a settlement with TSG Entertainment Finance, raise questions about the nature of these costs. The report highlights the impact of legal expenses on corporate earnings, particularly in the media industry.

Deadline

‘Inside Out 2’ Lifts Disney Quarterly Earnings, Overall Streaming Biz Swings to Profit Amid Light Disney+ Subscriber Gain

Disney reported a strong quarterly performance with total revenue increasing to $23.16 billion, driven by the success of 'Inside Out 2', which became the highest-grossing animated film. However, domestic theme park profits declined by 6%, and the TV business continued to struggle. The company expects improvements in streaming profitability and modest growth in Disney+ subscribers in the upcoming quarter.

Variety

Disney's Q3 Earnings: Revenue And EPS Beat, Streaming Business Turns Profitable, Strong ESPN Revenue Boost

Walt Disney Co reported a 4% year-on-year revenue growth in Q3 2024, reaching $23.16 billion, surpassing analyst expectations. Adjusted EPS of $1.39 also exceeded estimates. Key segments showed varied performance, with entertainment and sports revenues increasing, while traditional TV networks faced declines. Notably, Disney's streaming business turned profitable for the first time, contributing to overall positive results. The company anticipates continued growth in adjusted EPS and subscriber numbers for Disney+ Core.

Yahoo Finance