A party-store chain with hundreds of locations across the country said it’s shutting down early next year.
Party City has more than 50 stores in the region — 25 in New Jersey, 26 in Pennsylvania and two in Delaware — all of which will close for good over the next several weeks.
Why is Party City closing?
Founded in New Jersey, in 1986, Party City is headquartered in Woodcliff Lake .
At its peak, the business operated more than 800 stores.
But, Party City faced financial challenges in recent years, including inflation, reduced consumer spending, and more competition from online retailers.
A helium shortage took the air out of the company’s balloon sales, a key component of its business.
Last year, Party City scrubbed nearly $1 billion in debt off its books in bankruptcy, but still struggled to stay afloat.
The decision to shut down was announced Friday.
All of the stores are expected to close by Feb. 1.
This article originally appeared on NorthJersey.com: NJ-based Party City is shutting down; when will stores close?