The well-known Party Fiesta stores in the Canary Islands are on the brink of liquidation after the company filed for voluntary bankruptcy. This comes as the inevitable result of the chain's nationwide closure, which was announced by the company's management in July.
The ten Party Fiesta stores operating in the Canary Islands are ultimately controlled by the company Jamarek, based in Santa Cruz (Tenerife). Jamarek has filed for bankruptcy in the commercial courts of Barcelona, where the headquarters of its sole shareholder, Party Fiesta, is located.
Party Fiesta has been struggling with financial difficulties since 2016, when it first reported losses. The situation worsened significantly during the COVID-19 pandemic, leading the company to file for insolvency in 2023, also in Barcelona.
The company was eventually taken over by an investment group led by Enrique Tombas Navarro. However, under the new management, the business did not survive even a year. Last month, the decision was made to close Party Fiesta permanently.
The Party Fiesta group operated 33 company-owned stores and an equal number of franchises, employing a total of 140 people. Beyond Spain, the company also had a presence in Germany, Austria, France, and Slovakia, among other countries.
