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Party City going out of business after 40 years

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Party City is permanently shutting down.

CEO Barry Litwin said it was "necessary to commence a wind down process immediately" for the party supplies retailer, CNN reported Friday, citing comments from a Party City conference call with its corporate workers. While speaking Friday with Party City staff, Litwin reportedly said Party City’s "very best efforts have not been enough to overcome" the issues it has been facing and that the company has "done everything possible that we could to try to avoid this outcome.

FOX Business reached out to Party City for comment on its reported plans to permanently close.RELATED: Big Lots to start 'going out of business' sale at all remaining locationsThis reportedly comes nearly four decades after the company launched and about 14 months after it exited bankruptcy.

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