Party City in McKinney is closing.

Staff at the McKinney location said the store is expected to close in late February or early March.

Party City announced Dec. 21 in a news release the company filed bankruptcy and “plans to commence a wind down of its retail and wholesale operations and going out of business sales at its approximately 700 stores nationwide.” The New Jersey-based company has been in operation for nearly 40 years.

A storewide closing sale is underway, offering discounted merchandise as well as fixtures, furniture and equipment.