Party City is going out of business and closing these Philly-area stores

Party City will soon be closing all its stores, including more than a dozen in the Philadelphia region.

The Bergen County, N.J.-based chain of event-decor stores announced Saturday that it was filing for bankruptcy for the second time in two years and starting a “wind down process” at its 700 retail locations.

“The decision was made following exhaustive efforts by the company to find a path forward,” Party City said in a statement, noting the “immensely challenging environment” with “inflationary pressures on costs and consumer spending.”

All stores are set to close by the end of February, the New York Times reported, citing an internal letter sent to store managers.

Party City, which has been in business nearly four decades, previously filed for Chapter 11 bankruptcy last January. It emerged later that year having eliminated almost $1 billion in debt, negotiated better lease terms, and closed underperforming stores.

But it wasn’t enough to keep the party going.

“As with many other retailers, macroeconomic headwinds more recently proved too severe for the company to overcome,” the Saturday statement said.

Party City said it plans to retain more than 95% of its 12,000 employees “for some time” to help with store closures.

On its website Monday, Party City advertised going-out-of-business sales of up to 50% off its wide variety of items, including Santa costumes, holiday wreaths, New Year’s Eve banners, bulk candy, giant balloons, and other accessories for birthdays, football parties, bachelorettes, baby and wedding showers, and gender reveals.

For Philly-area customers who want to take advantage of these sales in person, Party City has stores at the following locations in the region:

Philadelphia

Pennsylvania suburbs

New Jersey suburbs