Bergen Co.-Based Party City Files For Chapter 11 Bankruptcy

BERGEN COUNTY, NJ — As Party City facilitates an "expedited restructuring," the company and its domestic subsidiaries filed Chapter 11 petitions for relief in the Bankruptcy Court, the Bergen County retailer said. A market leader in the celebrations space, Party City said the company, which is headquartered in Woodcliff Lake, is restructuring to reduce debt, optimize asset structure and provide liquidity. Party City's subsidiaries outside of the U.S., its more than 800 franchise stores, and Anagram foil balloons business are not a part of the bankruptcy proceedings and will continue...