Party City announced plans to close its more than 700 stores nationwide, according to reports.

Party City CEO Barry Litwin told corporate employees Friday the company is immediately winding down operations and it would be their last day of employment, CNN reported.

Party City store employees received letters that the stores would close Feb. 28, at which point they would be terminated, according to CNN and The New York Times.

Store managers could keep their pay and benefits until then if they wanted to keep working, according to an internal letter reviewed by The New York Times.

Party City representatives did not respond to requests for comment Friday or Saturday.

The party supply chain has been in financial trouble for years.

Records show the New Jersey-based retailer filed for Chapter 11 bankruptcy protection in January 2023.

In August, Litwin was announced as the new president and CEO, then about a month later the company’s bankruptcy canceled $1 billion in debt. A majority of the stores were able to remain open.

This week, Bloomberg News reported the company was planning to file for bankruptcy again this month.

Party City has been a staple in the celebration industry for decades, offering a variety of party supplies, including decorations, balloons and costumes. The company was founded in 1986 with 748 stores across North America and more than 16,000 employees.

There are 20 Party City stores in Maryland — seven of them are in Baltimore City and Anne Arundel, Baltimore and Howard counties:

• 6311 York Road, Baltimore
• 7929 Eastern Ave., Baltimore
• 2325 Forest Dr., Annapolis
• 6500 Baltimore National Pike, Catonsville
• 10385 Reisterstown Rd., Owings Mills
• 8044 Ritchie Hwy., Pasadena
• 6181 Old Dobbin Lane, Columbia

The report of Party City’s closure comes days after retailer Big Lots announced it was closing all of its stores — over 1,000 nationally, including 21 in Maryland.