OHIO — Ohio is set to feel the impact of two major retail closures, with Party City and Big Lots announcing plans to shut down all their stores nationwide.

Party City, known for its party supplies and seasonal decorations, is ending nearly 40 years of business.

The New Jersey-based retailer had struggled under a $1.7 billion debt load, prompting it to declare bankruptcy in January 2023.

Although the company exited bankruptcy this summer, financial strains remained, with over $800 million in debt still burdening its earnings.

Despite efforts to stabilize under its new CEO, Brad Litwin, who joined just four months ago, Party City ultimately decided to close its remaining stores.

The company has locations across Ohio, including in cities like Columbus, Cleveland, and Cincinnati.

Similarly, Columbus-based Big Lots, a discount retailer with deep ties to Ohio, is preparing to shut down all its stores and hold going-out-of-business sales in the coming days.

The company filed for bankruptcy in September, hoping to restructure by selling to private equity firm Nexus Capital Management for $760 million.

However, Big Lots has now announced that the sale is unlikely to proceed as planned.

CEO Bruce Thorn stated that the company is working to find an alternative buyer by January, but the outlook remains uncertain.

Big Lots has been a familiar presence for Ohio shoppers, offering everything from furniture to groceries at discounted prices.