Party City files for Chapter 11 bankruptcy in Southern District of Texas

Party City, the New Jersey-based retailer with nine Houston-area stores, is seeking Chapter 11 bankruptcy protection, according to documents filed Tuesday. The filing in Southern District Court in Houston will give the party supply chain the opportunity to restructure debt, which totaled about $1.7 billion in the third quarter, according to an earnings release. None of chain's 800 stores in North America will close, it said. The bankruptcy doesn't affect Party City's franchise stores, balloon production business Anagram and subsidiaries outside the U.S., according to the court filing. Party City...