After almost 40 years, Party City is closing its doors.

The company’s CEO, Barry Litwin, told employees Friday that Party City was “immediately shutting down.” Today is the last day of work, CNN reported.

Exact closing dates were not announced, but The US Sun said a New Jersey location would remain open until February or March.

In 2021, the company employed about 6,400 full-time and 10,100 part-time employees, CNN reported.

Party City has more than 850 locations nationwide and is the largest party retailer in North America, according to its website. The biggest time of year was Halloween, but there were also party supplies for birthdays and other themes.

Litwin was hired four months ago and said on LinkedIn at the time that the company’s “main priority is to strengthen our financial health and we have a lot of work ahead of us.”

Party City filed for bankruptcy in January 2023 and exited the company about a month after Litwin joined. According to CNN, more than 80 locations were closed from late 2022 to August 2024.

According to Bloomberg, the company still had more than $800 million in debt when it emerged from bankruptcy last year.

There were reports that Party City planned to file for bankruptcy again within the next two weeks, Bloomberg reported.

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