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I hate to follow up yesterday’s post on job losses with another Debbie Downer topic, but last night at my company’s Q4 meeting we got the official news I’ve been dreading. Time to pack away my party dress I bought in August and forget my plans of sipping on company bought champagne: our holiday party has been cancelled.

I suppose I should be focusing on our CEO’s more optimistic announcements that we won't be having any lay-offs or pay cuts, but I’m giving myself one day to pout. I love Christmas and all the cheesy, over commercialized, over the top festivities that go along with it. So what better way to celebrate than to go all out on your office’s dime?

At least the news didn’t come as too much of a surprise, given the trend of a no frills holiday season for most offices and many families. Many NYC bashes have taken big hits, and I’m sure the cancellations in Boston will unfortunately soon follow.

Woman’s Wear Daily reported that Marc Jacob’s cancelled his annual masquerade holiday party, which had been scheduled for December 10th at the famed Rainbow Room in NYC with a "Rock and Roll Circus" theme. Marc Jacob’s holiday soiree is known for being an over the top event, W Magazine described the glamour of last year’s event:
“Masked revelers at Marc Jacob's annual holiday bash at Gotham Hall took the Venice Carnival theme to heart, partying as if the city of canals would be underwater by morning. Gondoliers hit up the champagne fountain, French poodles flirted with one another and women strapped on corsets so tight they could barely speak”.

Bank of America, American Express, Morgan Stanley and Goldman Sachs are all cancelling or cutting down on the festivities too. The Estee Lauder annual Christmas party and the famed Conde Nast (publishers of The New Yorker, Vogue, Glamour and Vanity Fair) lunch at the Four Seasons are also not being scheduled. Viacom, whose parties are normally hosted by divisions such as MTV and Paramount Pictures, is opting for a more than fair trade. They’ll be getting two extra paid days off in lieu of the usual holiday party.

For those of us that have fallen into the hands of Scrooge, we are not alone. Challenger, Gray & Christmas, a global outplacement firm, found that 77 percent of companies are planning holiday office parties this year, down from 90 percent in 2007. The firm also found that one in five companies is scaling down its usual year end party.

In the spirit of the holiday season and giving, I suppose it wouldn’t be appropriate to fulfill my dreams of ice sculptures and gourmet hors d'oeuvres at Top of the Hub. I’ll make due with a more modest celebration and be happy that my office isn’t cutting any of its charitable giving. But I’m not returning my party dress yet, just in case ;)