The party looks to be over for Party City.

The decades-old New Jersey-based company has told employees it will shut down all stores and cease operations, according to CNN. Employees were told in a virtual meeting that Friday would be their last day of employment.

Party City, which is based in Woodcliff Lake, first filed for bankruptcy in January of last year in an attempt to save the business. Party City executives cited the impact of the pandemic as a major reason for the decline in revenue and performance.

CNN said it viewed Friday’s meeting with Party City employees and CEO Barry Litwin told employees they will not receive severance pay and will lose their benefits as soon as the company shuts down. Litwin took the job just four months ago.

Both New Jersey and the federal government have laws requiring written advance warning to employees about a company shutdown and layoffs. At the federal level, a 60-day notice is required. New Jersey goes even further, requiring 90 days notice before layoffs.

There were no such notices related to Party City posted to a state website as of Friday afternoon. Party City officials did not immediately respond to a request for comment from NJ Spotlight News.