NurPhoto/Getty Images

Everyone's Saddened By Party City's Bankruptcy Decision

Originally posted on The Spun | By Tzvi Machlin | Last updated Dec 20, 2024 1:20 PM ET

It's the end of an era for people looking for inexpensive party supplies as the Party City retail chain is reportedly going completely out of business.

According to CNN, Party City will be closing all of its stores. Per the report, the company's corporate employees were informed that today would be their final day of employment. The company closes its doors after 38 years of business and had over 850 locations across the country, according to their website.

"Party City is going out of business. The chain plans to close all of its stores after nearly 40 years in business, and corporate employees were told today is their last day of employment," CNN Breaking News reported.

Party City is going out of business. The chain plans to close all of its stores after nearly 40 years in business, and corporate employees were told today is their last day of employment. https://t.co/WKf1pE4GMu
— CNN Breaking News (@cnnbrk) December 20, 2024

Party City has no shortage of fans who remember shopping their fondly when they were younger and the news of the company's demise has led to plenty of people becoming saddened on social media:

"That's sad news for Party City employees and customers. Wishing everyone affected by this closure the best in finding new opportunities," one user replied.

"Party City's decision to close all stores and end operations is a stark reminder of the retail industry's brutal evolution and the impact of economic shifts," wrote another.

"I just bought a bunch of Christmas necklaces last week. Always bought from there for community breakfast decorations. Sad day," a third lamented.

Founded in 1986 in East Hanover, New Jersey, Party City grew its business by having some of the largest selections of party goods in the country for a generation, quickly replacing classic "mom-and-pop stores" that carried less merchandise than they could. Advertised as "The Discount Party Super Store," Party City became the go-to place to buy decorations and costumes for everything from Halloween to Christmas to Easter to the Fourth of July.

But the changing landscape of retail shopping such as the rise of far bigger box stores like Walmart, combined with the explosion of online shopping through website like Amazon has caused the slow, painful death of brands like Party City. The rise of seasonal party retailers like Spirit Halloween, that saves money by not operating year-round like Party City does, further ate into their margins.

2024 has claimed a lot of lives, but for avid party shoppers, losing Party City might hit a lot closer to home.

This article first appeared on The Spun and was syndicated with permission.

More must-reads: