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We investigate the decay of entanglement of generalized -particle Greenberger-Horne-Zeilinger (GHZ) states interacting with independent reservoirs. Scaling laws for the decay of entanglement and for its finite-time extinction (sudden death) are derived for different types of reservoirs. The latter is found to increase with . However, entanglement becomes arbitrarily small, and therefore useless as a resource, much before it completely disappears, around a time which is inversely proportional to the number of particles. We also show that the decay of multiparticle GHZ states can generate bound entangled states.