Party City is closing down all of its stores, ending nearly 40 years in business, CNN has learned. CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is “winding down” operations immediately and that today will be their last day of employment.

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,