Party store chain Party City has appointed Barry Litwin as its new president and CEO, as the company seeks to exit Chapter 11.
Litwin most recently served as CEO and board member of Global Industrial Company, where he guided strategy and execution for all facets and drove revenue, profit, and share price growth.
Prior to that, he served as CEO of Adorama and held senior executive roles in retail and distribution at Sears, Office Depot, Avnet, and Fannie May Candies.
“We are extremely confident that Barry’s expertise in fostering business growth and transformation as well as his people-focused leadership style will bring Party City to the next level,” said Bob Hull, chairman of the board at Party City.
Litwin brings a disciplined model to strategy setting and operational execution that delivers new revenue growth, gross profit improvement, operating expense efficiency, Hull added.
Upon his appointment, Litwin said he sees many opportunities to strengthen the company’s financial performance and build a leading end-to-end celebration experience for consumers.
New Jersey-headquartered Party City is the largest retailer of party goods in North America, with its offerings spanning more than 70 countries.
The company entered Chapter 11 last year as it was burdened by at least $1.7 billion in debt. The other main factors included increased competition and a more constrained consumer, according to an analyst.
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