In a shocking turn of events, Party City has announced that it will be going out of business and closing all of its stores across the United States. Reports indicate that the company is winding down operations immediately, marking the end of an era for the iconic party supply retailer, which has been serving customers for nearly four decades. This decision comes amidst ongoing financial struggles and considerations for a second bankruptcy filing in less than two years. The closure will affect all 700 locations nationwide, including multiple stores in states such as Illinois, Massachusetts, New Hampshire, Pennsylvania, and Georgia. The move has left many local communities saddened as Party City has long been a popular destination for celebrations and gatherings.