Party supply retailer Party City announced it’s going out of business and immediately closing all its stores after nearly 40 years.

The company declared bankruptcy at the start of 2023, which allowed the company to cancel nearly $1 billion in debt, according to news outlets.

Party City has about 850 stores in the United States, according to its website. The only location in Butler County was at on Route 19 in Cranberry Township.

The news came from CEO Barry Litwin, who told corporate employees Dec. 20 in a meeting that Party City is “winding down” operations immediately and Friday would be their last day of employment.

Staff were told they will not receive severance pay and that their benefits would end as the company goes out of business.