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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. [_______])1
PARTY CITY CORPORATION
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(Name of issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
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(Title of class of securities)
0007021451
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(CUSIP number)
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1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. 0007021451 13G PAGE 2 OF 8 PAGES
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Craig Enterprises, Inc.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [ X ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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(5) SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 1,044,000
EACH --------------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER
PERSON WITH 0
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(8) SHARED DISPOSITIVE POWER
1,044,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,044,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.1%
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(12) TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 0007021451 13G PAGE 3 OF 8 PAGES
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sidney Craig
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [ X ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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(5) SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 1,044,000
EACH --------------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER
PERSON WITH 0
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(8) SHARED DISPOSITIVE POWER
1,044,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,044,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.1%
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(12) TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 0007021451 13G PAGE 4 OF 8 PAGES
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jenny Craig
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) [ ]
(B) [ X ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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(5) SOLE VOTING POWER
NUMBER OF 0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 1,044,000
EACH --------------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER
PERSON WITH 0
--------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
1,044,000
--------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,044,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.1%
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(12) TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1.
(a) NAME OF ISSUER: Party City Corporation
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
400 Commons Way, Rockaway, New Jersey 07866
ITEM 2.
(a) NAME OF PERSONS FILING: Craig Enterprises, Inc.; Sidney
Craig; Jenny Craig
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
Craig Enterprises, Inc., 11355 N. Torrey Pines Road, La Jolla,
California 92038-9748 Sidney Craig, 11355 N. Torrey Pines
Road, La Jolla, California 92038-9748 Jenny Craig, 11355 N.
Torrey Pines Road, La Jolla, California 92038-9748
(c) CITIZENSHIP: See respective cover sheets for the persons
filing this Schedule 13G.
(d) TITLE OF CLASS OF SECURITIES: Common Stock
(e) CUSIP NO.: 0007021451
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR
13D-2(B), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
ITEM 4. OWNERSHIP
Craig Enterprises, Inc. ("CEI") owns directly 1,044,000 shares
of Common Stock, $.01 par value per share, of the Issuer
("Common Stock"), constituting 15.1% of the outstanding Common
Stock of the Issuer. Sidney Craig and Jenny Craig, who are
husband and wife, own in the aggregate 100% of the outstanding
Common Stock of CEI. For information with respect to the
amount of shares of Common Stock of the Issuer beneficially
owned by the persons filing this Schedule 13G, and percent of
class and sole or shared voting power with respect to such
shares, see the respective cover sheets included herein with
respect to each of the persons filing this Schedule 13G.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.
Not applicable.
PAGE 5 OF 8 PAGES
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ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION
Not applicable.
Attached hereto as Exhibit 1 is a copy of an agreement among the
persons filing this Schedule 13G with respect to such filing. Attached hereto as
Exhibit 2 is a Power of Attorney with respect to the execution and filing of
certain forms in connection with securities of the Issuer.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
February 5, 1997
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Date
CRAIG ENTERPRISES, INC.
By:/s/ Sidney Craig
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Sidney Craig, President
/s/ Sidney Craig
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Sidney Craig
/s/ Jenny Craig
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Jenny Craig
PAGE 6 OF 8 PAGES
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EXHIBIT 1
PAGE 7 OF 8 PAGES
AGREEMENT
Agreement dated as of February 5, 1997 among Sidney Craig,
Jenny Craig and Craig Enterprises, Inc., a Delaware corporation.
WHEREAS, each of the parties hereto desires in accordance with
Rule 13d-1(f)(1) under the Securities Exchange Act of 1934 to make a joint
filing on Schedule 13G with respect to the beneficial ownership by the
undersigned of Common Stock of Party City Corporation.
NOW, THEREFORE, the undersigned agree that the Schedule 13G
dated January 31, 1997 with respect to the beneficial ownership by the
undersigned of shares of Common Stock of Party City Corporation, a Delaware
corporation, shall be deemed to be filed on behalf of each of the undersigned.
IN WITNESS WHEREOF, the undersigned have executed this
agreement as of the date set forth above.
/s/ Sidney Craig
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Sidney Craig
/s/ Jenny Craig
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Jenny Craig
CRAIG ENTERPRISES, INC.
By: /s/ Sidney Craig
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Sidney Craig, Chairman
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EXHIBIT 2
PAGE 8 OF 8 PAGES
POWER OF ATTORNEY
Know all by these presents, that the undersigned hereby constitutes and
appoints Sidney Craig, the undersigned's true and lawful attorney-in-fact to:
(1) execute for and on behalf of the undersigned, in the
undersigned's capacity as beneficial holder of shares of Party
City Corporation, a Delaware corporation (the "Company"), one
or more Schedules 13D or 13G or Forms 3, 4 or 5, and
amendments thereto, in accordance with Sections 13 and 16 of
the Securities Exchange Act of 1934, as amended from time to
time, and the rules thereunder;
(2) do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to complete
and execute any such Schedule 13D or 13G or Form 3, 4 or 5, or
amendments thereto, and file such form or amendments thereto
with the United States Securities and Exchange Commission and
any stock exchange or similar authority; and
(3) take any other action of any type whatsoever in connection
with the foregoing which, in the opinion of such
attorney-in-fact, may be of benefit to, in the best interest
of, or legally required by, the undersigned, it being
understood that the documents executed by such
attorney-in-fact on behalf of the undersigned pursuant to this
Power of Attorney shall be in such form and shall contain such
terms and conditions as such attorney-in-fact may approve in
such attorney-in-fact's discretion.
The undersigned hereby grants to such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or such
attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be
done by virtue of this power of attorney and the rights and powers herein
granted. Attorney-in-fact, in serving in such capacity at the request of the
undersigned, is not assuming, nor is the Company assuming, any of the
undersigned's responsibilities to comply with Sections 13 or 16 of the
Securities Exchange Act of 1934.
This Power of Attorney shall remain in full force and effect until the
undersigned is no longer required to file Schedules 13D or 13G or Forms 3, 4 or
5 with respect to the undersigned's holdings of and transactions in securities
issued by the Company, unless earlier revoked by the undersigned in a signed
writing delivered to the foregoing attorney-in-fact.
IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of January 25, 1997.
/s/ Jenny Craig
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Jenny Craig
