Dive Brief:
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Party City on Monday said that it has tapped turnaround veteran Barry Litwin to be president and chief executive officer.
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Litwin most recently was CEO of Global Industrial Company, which manufactures and sells commercial and industrial supplies. Before that he was CEO of photo retailer Adorama, and has also had executive stints at Sears, Office Depot, Avnet and Fannie May Candies.
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Chief Commercial Officer Sean Thompson had been serving as interim CEO since Brad Weston left the post last year following Party City’s bankruptcy.
Dive Insight:
Party City has tapped an executive who is not only a turnaround strategist but also a loyal customer.
“For the past twenty years, I have made it a tradition to start my son’s and daughter’s birthdays with a special surprise — a beautiful Party City balloon floating above their beds,” he said in a LinkedIn post Monday. “This tradition highlights the importance of celebrating significant moments in all areas of our lives, whether personal, professional, athletic, academic, or community-related.”
The retailer must hang on to such sales, but also needs to revitalize its business. Rising costs, a helium shortage and the dearth of parties and gatherings during the pandemic all took a toll, leading to the company’s Chapter 11 filing last year. Party City exited bankruptcy in September with its debt cut by nearly $1 billion, new funds on hand and a smaller footprint. A new store format has shown some promise, and the company said recently that it will be expanded to more locations.
In his post, Litwin said the company’s “main priority is to strengthen our financial health, and there is work ahead of us.”
“However, our success is rooted in our people and culture,” he also said. “I am eager to collaborate with the Board of Directors, the leadership team, and all Party City associates to bring more smiles and celebrations to our customers and their loved ones.”
In a statement, Party City Board Chairman Bob Hull said the turnaround will be defined by Litwin’s “expertise in fostering business growth and transformation as well as his people-focused leadership style.”
“Barry brings a disciplined model to strategy setting and operational execution that delivers new revenue growth, gross profit improvement, operating expense efficiency,” the company said in a press release. “Above all, Barry's passion lies in leading companies and fostering the growth of his team members, with a strong belief that the success of a business is dependent on its people.”
