Party City Is Going Out Of Business After 40 years [Video]

After nearly four decades in business, Party City is closing its doors for good.

The New Jersey-based retailer, known for its balloons, Halloween costumes, and party supplies, announced it is shutting down all operations.

This comes after years of financial woes, rising costs, and fierce competition that the company could no longer withstand.

Party City’s troubles began long before the announcement of its closure.

Earlier this month, internal signs of collapse started surfacing when corporate employees were sent home, and headquarters were locked down.

This grim development followed years of battling persistent financial struggles.

The company first filed for Chapter 11 bankruptcy in January 2023, overwhelmed by $1.7 billion in debt.

Although it wiped out nearly $1 billion of what it owed by restructuring, it was unable to fully bounce back.

Growing competition from e-commerce giants like Amazon and big-box retailers such as Walmart and Costco left Party City struggling to attract customers.

“Despite our very best efforts, we’ve not been able to overcome …