Huge twist in abrupt closure of 800-store national chain as bankruptcy was triggered by its own experts

A stunning twist has emerged in the bankruptcy of Party City, the beloved national chain that's been a staple for nearly four decades. The chain's troubles began with an appraisal conducted by retail consultants Hilco Global, which Party City hired in September. Lenders 'considered it essential to commence store closing sales before the Christmas and New Year's selling season to maximize the proceeds of such sales for the benefit of all stakeholders,' Party City Chief Restructuring Officer Deborah Rieger-Paganis said in a sworn statement to the bankruptcy court. The final nail in the Party City coffin appears to have been self-inflicted The chain's troubles began with an appraisal conducted by retail consultants Hilco Global The New Jersey-based party supply giant is folding under financial pressure CEO Barry Litwin delivered the devastating news of the impending closures to employees on Friday during a video conference call Litwin - who was only announced as CEO four months ago - told corporate staff this was their final day on the job.