Party City filed for bankruptcy protection Tuesday, weighed down by competition and years of financial losses.The largest party goods and Halloween specialty retail chain in the United States said in a regulatory filing that it reached an agreement with debtholders to cut its $1.7 billion debt load.Balloons are a “focal point of our growth strategy and are a key driver of our differentiated brand experience,” the company said in a regulatory filing.Party City in December said it was at risk of a de-listing from the New York Stock Exchange because its stock fell under an average of $1 a share for 30 trading days.Bed Bath & Beyond (BBBY) this month issued a grim message about its future, warning that a bankruptcy filing is a possible outcome for the company."