Party City to close its stores as company files for bankruptcy [Video]

LOS ANGELES – For nearly 40 years, customers flocked to Party City for Halloween costumes, favors for children’s birthday parties and decorations for New Year’s Eve celebrations. Now, the go-to shop for everything from cartoon-themed balloons to Super Bowl decor is closing stores.

Party City announced Saturday that it would start a “wind down” of its retail and wholesale operations as it prepares to shutter nearly 700 stores nationwide. The company has also filed for Chapter 11 bankruptcy protection for the second time in less than two years “to maximize value for the benefit of the company’s stakeholders.”

“The decision was made following exhaustive efforts by the company to find a path forward that …