For nearly 40 years, customers flocked to Party City for Halloween costumes, favors for children’s birthday parties and decorations for New

Competition in the party goods and costume space has grown in recent years, including Spirit Halloween’s continued rise within and outside of the spooky season.

Party City is shuttering all its stores, ending a nearly 40-year run in business. CNN reports Party City CEO Barry Litwin told corporate employees in a video conference call Friday that the chain of stores is “winding down” operations immediately and that today will be their last day of employment.