Party City, a major US party supply retailer, is closing all its stores after nearly 40 years in business. Financial difficulties, including inflation and decreased consumer spending, led to the company's demise. After filing for bankruptcy and restructuring, Party City ultimately could not overcome its challenges. The abrupt closure announcement left employees without severance pay. This situation highlights the struggles currently affecting the retail industry. The closing adds to a growing number of retail bankruptcies in 2024.