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Party City is going out of business. Employees told today is their last day.

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The New Jersey-based party supply chain, the nation's largest, opened its first store in 1986.

CNN reports that Party City CEO Barry Litwin told corporate employees in a video conference meeting Friday that it would be their

“It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said at the meeting. “Unfortunately, it’s necessary to commence a winddown process immediately.”The company’s nearly four-decade journey started in Morris County. Party City, which is headquartered in Woodcliff Lake, was founded in 1986 by Steve Mandell, who opened the first store in East Hanover. The business became a franchise in 1989, and was sold to AAH Holdings Corp. in 2005.Kevin Smith working on new show for NBC inspired by his N.J. comic book shop

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