Party City is going out of business nationwide, ending 38 years as one of America’s most prominent party and event providers.

CNN insiders say they attended a video conference on Friday hosted by Party City CEO Barry Litwin, who announced that all stores across the country – there are more than 700 – should begin closing immediately.

“It’s really important that you know that we did everything possible to prevent this outcome,” Litwin said on the call, according to CNN. “Unfortunately, it is necessary to begin dismantling immediately.”

There are 10 Party City stores remaining in Minnesota: in Apple Valley, Bloomington, Chanhassen, Coon Rapids, Maple Grove, Maplewood, Roseville, St. Cloud, St. Louis Park and Woodbury.

Bring Me The News has learned that all stores in Minnesota will remain open through the end of February.

Party City, which opened its first store in New Jersey in 1986, filed for Chapter 11 bankruptcy protection in January.

Earlier this year, Party City stores in Mankato and Eagan closed permanently.

Related: Final snow levels in Minnesota for the winter storm on Thursday, Dec. 19