(Bloomberg) — Party City Holdco Inc. will close and lay off its employees just 14 months after the company filed for bankruptcy, under a plan intended to ensure the retailer’s long-term survival.

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Chief Executive Barry Litwin told employees that the costume and party retailer could not withstand pressure from low-spending consumers and high inflation. The selloff began on Friday, he said in a video seen by Bloomberg News.

“For this reason, we regret to inform everyone that today will be your last day of work,” Litwin said in the video. “This is without question the most difficult message I have ever had to deliver.” CNN reported on the company’s closure plans on Friday.

Brick-and-mortar retail has long struggled to stay relevant in the age of online shopping. The news came a day after bankrupt retailer Big Lots announced it had failed to complete the sale of its assets and would begin closing its stores. Ahead of Party City’s announcement on Friday, the company was preparing to file for bankruptcy protection, Bloomberg News previously reported.

Party City hatte kein Bargeld mehr und war an einigen Standorten nicht in der Lage, die Miete zu zahlen. If the company goes through with its plan to file for bankruptcy, it would be the second time in less than two years that Party City has filed for bankruptcy protection.

At a Party City store near Washington, DC, almost everything was on sale, with discounts ranging from 5% to 50%, including candy and holiday decorations. Die Verkäufe wurden durch Papierschilder gekennzeichnet, die im gesamten Laden aufgeklebt waren.

The store’s two employees refused to give their names when approached by a reporter. One said they were not informed of the CEO’s announcement. A sign was prominently displayed at the store’s entrance stating that the company was hiring.

In the company video, some employees were told that the paycheck they received Friday would be their last and covered their hours from Dec. 1 through today. According to the video, her benefits would continue until the end of the month.

When retailers close in bankruptcy, they often hire a liquidation firm that uses outside labor and current store employees to manage closing sales.

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