Party supplies retailer Party City is permanently shutting down, CNN reported Friday. Its retail footprint in North America spans over 700 company-owned and franchised stores.

Competition in the party goods and costume space has grown in recent years, including Spirit Halloween’s continued rise within and outside of the spooky season.

After nearly 40 years in operation, Party City is going out of business, with all stores closing CEO Barry Litwin told its corporate employees Friday that Party City is “winding down” operations immediately and that today will be their last day of employment,