In an internal letter, the company said inflation and changes in consumer spending had forced it to shut its more than 700 stores.

Party City, a longtime retailer and go-to source for many of party supplies, is closing all its stores and going out of business, according to a report from CNN. Company CEO Barry Litwin told corporates employees in a meeting Friday the company is “winding down” operations and and today was their last day working there,

The party is over for Party City as the retail giant announced Friday, Dec. 19, it was going out of business and closing all its stores after nearly 40 years. The closures include the Party City