Party City, a popular party and balloon supply store with hundreds of locations across the country, including more than two dozen in the Chicago area, is reportedly closing all stores and ceasing operations immediately.

The reported closures mark the end of the retailers’ nearly 40 years in business

Multiple reports cited a meeting Friday in which Party City CEO Barry Litwin told company employees that the company was “ceasing operations,” adding that their last day of work would be Dec. 20.

“It’s really important that you know that we did everything possible to prevent this outcome,” Litwin reportedly said during the meeting. “Unfortunately, it is necessary to begin the resolution process immediately.”

In 2023, the New Jersey-based party supply chain filed for Chapter 11 bankruptcy protection after struggling with rising prices and a decline in customer spending. The company then planned to close 22 stores.

At the time, the company said its franchise stores, subsidiaries outside the U.S. and its Anagram foil balloon business were not part of the restructuring and would remain core parts of its business.

As of Friday afternoon, Party City’s website remained operational.

A Chicago-area location reached by phone declined to comment when asked about the closures.

Phone calls from NBC Chicago to Party City’s corporate headquarters went unanswered.

This is breaking news and will be updated as more information becomes available.