This is apparently Joe Biden's parting gift to American retailers, which have closed at an alarming pace over the last four years. We recently told you about a shopping mall in San Francisco that has been turned into a ghost town. This is more of the same.

It's sad to see so many iconic brands fold like this.

The FOX Business Network reports:

Party City going out of business after 40 years

CEO Barry Litwin said it was "necessary to commence a wind down process immediately" for the party supplies retailer, CNN reported Friday, citing comments from a Party City conference call with its corporate workers.

While speaking Friday with Party City staff, Litwin reportedly said Party City's "very best efforts have not been enough to overcome" the issues it has been facing and that the company has "done everything possible that we could to try to avoid this outcome."

Party City corporate employees will lose their jobs after Friday, according to the outlet. The company is reportedly eyeing widespread store closures at the beginning of February.

Party City's retail footprint in North America included over 700 company-owned and franchised stores as of late October, according to a press release published that month.

Difficulties from inflation, debt and other factors reportedly hurt the company. FOX Business reached out to Party City for comment on its reported plans to permanently close.

Some people are suggesting that the company went too woke.