Party City, the retail purveyor of party favors, paper plates, pinatas and more, has a brand new CEO on the helm.
Party City Holdco Inc. announced that Barry Litwin will probably be joining the corporate as its recent president and chief executive officer. Litwin previously had spent six years because the CEO of Global Industrial Company, a number one distributor of business products. He replaces Brad Weston, who left the corporate after 4 years as CEO, a period that included the pandemic and bankruptcy, and now helms the house furnishings retailer At Home.
Litwin will probably be tasked with leading the corporate on a profitable path after emerging from bankruptcy in 2023. He has previous turnaround experience from his time as CEO at camera retailer Adorama.
Party City Holdings is No. 311 within the Top 1000. The Top 1000 Database is Digital Commerce 360’s rating of the most important North American online retailers by web sales. There, it falls under the Specialty category. Digital Commerce 360 projects Party City’s web sales in 2024 will reach $272.3 million.
Party City web sales by yr
Recent Party City CEO’s priorities
Party City’s decision to rent Litwin was met with enthusiasm by its board.
“We’re extremely confident that Barry’s expertise in fostering business growth and transformation in addition to his people-focused leadership style will bring Party City to the following level,” said Bob Hull, chairman of the board at Party City.
Nevertheless, industry experts say Litwin will face many challenges in his recent role.
“The challenges will probably be immense, not only from a reputational perspective, but additionally from ecommerce competition,” says Katelyn Daniell a retail analyst and co-founder of the survey tool Precision Retail.
“On the popularity side, Party City must balance its big-box store image with supporting the community it serves, all of the while constructing back up from bankruptcy,” Daniell said. “The brand new CEO has to administer Party City’s popularity fastidiously.”
She added that the corporate needs higher data to find out who its core customers are, whether or not they are simply on the lookout for the bottom price or deeper levels of engagement.
Jennifer Silverberg, CEO of the marketing data platform SmartCommerce, agreed that Party City faces necessary decisions ahead.
“Party City must differentiate itself through exclusive offerings and unique shopping experiences to face out,” Silverberg said. “It would should embrace recent categories of shopping like quick commerce to play into the will for convenience.”
Litwin’s perspective arriving at Party City
“I’m excited to affix Party City at a pivotal time as we reposition the business for a stronger future,” Litwin said in a press release released with Party City’s announcement. “Party City is a frontrunner in party goods and supplies, and I see many opportunities to strengthen our financial performance and construct a number one end-to-end celebration experience for consumers.”
Party City operates greater than 750 company-owned and franchise stores. It also includes design and manufacturing entity Amscan, an industry leader in celebration décor, tableware, costumes and accessories.
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