After 40 years in business, Party City is closing down for good. According to CNN, CEO Barry Litwin first shared the news with his corporate employees in a video conference on Friday. Litwin, according to CNN,

Party City is going out of business and closing all of its stores. Party City has been in business for close to 40 years since first opening in 1986. Currently, there are more than 700 Party City locations in the U.

The announcement was made to corporate employees Friday, who were told it was also their last day of work, according to CNN.