After nearly 40 years of service, Party City has officially announced its decision to close all stores as it prepares to go out of business. The company, which filed for bankruptcy recently, will wind down operations and close approximately 700 locations nationwide, affecting thousands of employees. Many stores have started offering store-wide sales as they prepare for the closures, which will take effect imminently, just days before the holiday season. Local customers have expressed disappointment over the sudden layoffs and closures, which will leave significant gaps in several communities. Despite the nationwide shutdown, some locations in Richmond and Hawaii will remain open. The decision marks a significant change for a retailer that has been a staple for party supplies and celebrations across the country.