Party City is shutting down all of its stores after being in business for more than 40 years, according to CNN.

The CEO of the company, Barry Litwin, told corporate employees that Friday, Dec. 20 would be their last day at the company, CNN reported. The staff won't get any severance pay and their benefits will end that day as the company shutters.

There are 20 Party City stores across Massachusetts, including in Chicopee, Leominster, Natick and Brighton, according to the store's website.

Party City Holdings, Inc. filed for bankruptcy in January 2023. The company then emerged out of Chapter 11 in September with $800 million in debt, according to Bloomberg News.

The party retailer faced significant issues when people stopped having parties during the COVID-19 pandemic, Patch.com reported. The company also said helium shortages and competition from big-box retailers and pop-up stores hurt them financially.