Party City is reportedly going out of business and closing all stores

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• Party City's CEO told employees the specialty retailer is "winding down" operations, CNN reports.
• The company was impacted severely by the COVID-19 pandemic and never fully recovered.
• The company spent much of the past two years in bankruptcy proceedings and has closed 80 locations.

Party City's balloon is out of air.

CEO Barry Litwin, who took the job in August, told Party City's corporate employees on Friday that operations were "winding down" immediately...