Party City has announced the closure of all its stores effective immediately, following ongoing financial difficulties that persisted after bankruptcy protection in January 2023. CEO Barry Litwin indicated that the decision was necessary due to insurmountable debt and competition from online retailers. Employees were informed that their last day would be Friday, with some receiving notices of shutdown by February 28. The once-popular chain struggled to adapt to market changes and faced challenges like helium shortages, leading to this unfortunate end.