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Party City is “winding down” operations immediately at its approximately 800 locations, CEO Barry Litwin told corporate employees in a video call on Friday, Dec. 20, CNN reports.
Workers were told they will not receive severance pay, and that their benefits would end as the company goes out of business, CNN says.
The company, headquartered in in Woodcliff Lake, New Jersey, is running low on cash and unable to pay rent in some locations, according to an earlier Bloomberg report.
Party City was founded in 1986 and is the largest retailer of party goods in North America.
Branded as "The Discount Party Super Store," it's a favorite for those seeking birthday party supplies, baby shower favors, Halloween costumes, and more.
Party City has 42 stores in New York, 25 in both New Jersey and Pennsylvania, 20 in Massachusetts, 19 in Maryland, 17 in Virginia, and 11 in Connecticut.
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