NEW YORK — The party may be over but the favors are still out there.

Marking the end of an era, 695 Party City leases in 44 states will go to auction next month as the nearly 40-year-old celebrations retailer begins to wind down its operations.

In the meantime, going-out-of-business sales are now underway at those retail locations, including two in Huntsville and one in Decatur. The sales feature deep discounts on merchandise while supplies last.

The bid deadline and auction likely will be in early February.

“This is a large and diverse store portfolio, with good real estate and a great many stores located in high-traffic shopping centers,” said Emilion Amendola, co-president of A&G Real Estate Partners. “This auction represents an extraordinary opportunity for expanding operators in what marks the end of an era in the retail industry.”

With box sizes that range from approximately 7,000 to 46,000 square feet, the stores are a fit for a wide array of potential users.

“You’ve got a number of strong candidates for this real estate,” said Mike Matlat, A&G senior managing director. “The list includes gyms and entertainment tenants, dollar stores, local specialty retailers, furniture stores, and medical office clinics.”