Turn out the lights. The party's over.
At least in a growing number of offices across North America. Hard times in the economy mean good times at the annual Christmas party are becoming a rare commodity this year.
An increasing number of big firms are either scaling back their annual Yuletide bashes or simply cancelling them altogether. The parties may be traditional but they're also expensive and with many companies struggling to survive in the economic downturn, they just can't afford to put them on anymore.
The problem is two-fold - a lack of cash and a perception of waste when belt tightening is what's needed. The last thing a large corporation going through downsizing or layoffs wants to do is feature ice sculptures or expensive food and drinks when shareholders are losing their shirts and workers are losing their jobs.
The sudden twist of fete is hurting caterers, restaurateurs and those who rent out the space for the shindigs.
"It's grim," agrees Daniel Briones of the National Association of Catering Executives, who calls the drop off in business the worst since the aftermath of the 2001 terror attacks.
"Even if they can afford it, nobody wants to be seen as being profligate," adds New York restaurant magnate Danny Meyer. He at least sees a little hope on the horizon. While the big celebrations are being scaled back, many are opting for smaller, intimate - and ultimately cheaper - seasonal soirees in back rooms instead of big halls.
The examples are everywhere. Some firms have downsized their staff and then downsized their party plans, substituting a blow out for some quiet hors d'oeuvres at a small gathering.
Others, like credit card giant American Express, have cancelled their parties entirely, after laying off 10 per cent of its 65,000-strong workforce. "In the current economic environment, it really is a case of just being careful with our spending," explains spokesperson Joanna Lambert. The company has also axed next year's event, as well.
Others are giving employees days off in lieu of any celebrations.
But there's a fine line between cutting to the bone and cutting your own corporate throat. Some experts argue cancelling the office holiday party sends the wrong message to whatever employees remain. One consultant warns the annual get-togethers can help workers get to know each other better and strengthen ties when morale is low.
But most employees seem resigned to the change, the latest upheaval on an economic roller coaster they never wanted to ride. Eric Bolesh is 29 and still has his job with a business-consulting firm. He's happy not to be a party to a party this year.
"You don't want to be eating your steak and thinking that it could have been in your wallet instead," he reveals.