Party City, known for its party supplies and seasonal Halloween City popup stores, has filed for bankruptcy and is going out of business.

The Container Store has filed for Chapter 11 bankruptcy protection, the New York Post reported. With around 100 stores around the country, including at the Staten Island Mall in New Springville, the storage and organizational products retailer has seen demand decline amid a tough housing market marked by high prices and rising mortgage rates.

The Container Store, the popular retail location for all things organizing, has announced plans to enter Chapter 11 bankruptcy protection. In a news release, the company said it will start a recapitalization to help strengthen its financial position for long-term growth and profitability.

Party City, which operated about 750 stores, had filed for Chapter 11 bankruptcy in January 2023 and emerged from the process in October 2023 with $1 billion less in debt. It also named a new CEO, Barry Litwin, who joined the company in August 2024.

A national retailer will be winding down the party as the new year approaches. Party City will be closing its doors in the coming weeks following an announcement last week, including the company's Abilene location.