Party City Closing After Filing For Bankruptcy

In the filing, Party City Holdings Inc. will "implement an orderly wind down of its business and liquidation of its assets."

A popular party store has filed for bankruptcy.

Party City filed for Chapter 11 in U.S. Bankruptcy Court.

In the filing, Party City Holdings Inc. will “implement an orderly wind down of its business and liquidation of its assets.”

The company will put its assets up for bidding. However, if there’s no sale, it will “initiate store closing sales to liquidate all of the Party City group companies’ retail and wholesale inventory and locations.”

Party City reported assets of between $1 billion to $10 billion, along with liabilities of $1 billion to $10 billion.