After nearly 40 years, Party City will be closing its doors.

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

Exact closing dates were not reported, but The U.S. Sun said one location in New Jersey was going to stay open until February or March.

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

Party City, according to its website, has more than 850 locations nationwide and is the largest party retailer in North America. Its biggest season was Halloween but had party supplies for birthdays and other themes.

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

Party City declared bankruptcy in January 2023 and exited about a month after Litwin joined the company. It closed more than 80 locations from the end of 2022 to August 2024, CNN reported.

It still had more than $800 million in debt when it exited bankruptcy last year, according to Bloomberg.

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

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