According to reports, #PartyCity is closing all its stores, marking the end of nearly four decades in business. CEO Barry Litwin announced the immediate shutdown during a video conference, informing employees that Friday would be their last day, with no severance pay or continued benefits. Litwin attributed the company’s collapse to rising costs from inflation and declining consumer spending, despite efforts to avoid this outcome. “We’ve done everything possible, but unfortunately, this step is necessary,” he said.