Popular retail chain Party City filed for bankruptcy protection Saturday, a day after it disclosed to employees that it would be implementing mass layoffs at its New Jersey headquarters.

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"Consumers have little patience for long lines, out of stocks, and poorly merchandised stores. Party City has suffered from all three of these issues and has paid the ultimate price," Weinswig said.

Party City filed for bankruptcy Saturday for the second time in less than two years. The filing comes after the retailer told employees Friday it would begin “winding down” operations.

Party City is closing down all of its stores, ending nearly 40 years in business, CNN has learned.CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is ...

Party City has over 700 stores across North American and has been in business for nearly 40 years. CEO Barry Litwin told corporate employees on Friday that Party City would be "winding down ...

The party is over for a US retailer that for decades bedazzled birthdays, anniversaries, baby showers and weddings. Party City Holdco’s chief executive told corporate employees on Friday that ...