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Parents scramble to find cheap supplies for grad parties after Party City closures Last-minute shoppers have found barren shelves at Walmart and balloon shops fully booked.

"A whole new Party City is coming soon," the popular party and balloon supplier said. The news comes after the company shuttered thousands of stores.

Two discount retail giants have emerged as the top bidders for soon-to-be shuttered Party City locations.

The collapse of Party City is giving Michaels an opportunity to expand its selection of balloons and other celebration-themed supplies.