The impending closing of Party City was triggered weeks ago when the retailer was surprised by a sudden — and disputed — drop in the value of its inventory, the company said in court papers.

New Jersey-based Party City is going out of business after the retailer filed for Chapter 11 bankruptcy. How many of its stores will close in Delaware?

Party City announced that it's going to “wind down” its retail and wholesale operations as it prepares to shutter nearly 700 stores nationwide.