Party City going out of business

(CNN) – The largest party supply store in the country is shutting down all of its stores after nearly 40 years in business.
Friday, Party City’s corporate employees were told this will be their last day of employment.
The company’s CEO said Party City will be winding down operations immediately.
He pointed to the company’s financial challenges as the reason for its collapse.
Party City filed for bankruptcy in January of last year.
The plan canceled nearly $1 billion in debt, dissolved the company’s stock and kept a majority of its 800 stores open.
The chain still had more than $800 million in debt, and that strained earnings this year.
Party City joins a growing list of struggling retailers as customers cut back on discretionary spending.
Competition from big box retailers like Amazon, Walmart and others have also led to the collapse of smaller chains.