Party City CEO Barry Litwin told employees on Friday that the specialty retailer is "winding down" operations starting immediately, CNN reported.

The company had considered filing for bankruptcy a second time earlier this month after initially filing for one last year.

Grab your balloons and streamers while you can because Party City is officially shutting down. The once-mighty party supply chain announced it's closing all of its stores after nearly four decades in business, marking the end of an era for decor enthusiasts and last-minute party favor shoppers everywhere.