Willie Nelson is famous for singing the line, "Turn out the lights, the party's over." The retail store Party City has been struggling financially like many other retailers lately, and now the company is seeking bankruptcy protection.

KCRG reports that Party City has filed for Chapter 11 bankruptcy protection. The New Jersey-based company stated that its franchise stores, subsidiaries outside of the U.S., and its foil balloon business are not part of the restructuring. Better news yet is that the company has stated that more than 800 company-owned and franchise store locations will remain open for business as will the company's website.

KCRG reports that the company is hoping that by restructuring its debt that it could free up cash and remain in business. Part of Party City's problem is increased competition. Shoppers can now visit places like Walmart or Target and pop-up stores like Spirit Halloween. This past November Party City reported quarterly losses with store sales down 3.2% according to KCRG. In December the company was nearly delisted from the New York Stock Exchange for failing to maintain an average stock price of $1 for a 30-day period. Shares are currently at 40 cents.

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