the party's over for Party City the decades old Jersey based company told employees today it will shut down all stores and cease operations immediately employees were told in a meeting that today would be their last day of employment the company which is based in woodcliffe Lake in Bergen County First filed for bankruptcy in January of last year in an attempt to save the business Party City leaders cited the impact of the pandemic as a major reason for the decline in revenue and performance CNN which viewed today's meeting with party city employees said said the CEO who took over just four months ago told employees they will not receive severance pay and will lose their benefits as soon as the company shuts down it's worth noting both New Jersey and the federal government have laws requiring written warning to employees about a company shutdown before layoffs at the federal level that's 60 days notice but New Jersey goes even further requiring 90 days notice before layoffs we checked the state's warn notice list and did not see Party City listed as of late this afternoon