Party City files for bankruptcy, a day after announcing mass layoffs at its headquarters

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.

The filing was made in bankruptcy court in the Southern District of Texas, according to court documents obtained by CBS News. The company had liabilities of between $1 billion and $10 billion, according to the filing. 

On Friday, Party City's chief human resources officer Karen McGowan informed employees in an email obtained by CBS News New York that it was conducting an immediate "mass layoff" at its headquarters in Woodcliff Lake, New Jersey.