Classic Party Rentals Inc., a provider of tents, chairs and other equipment for Oscar parties and intimate gatherings, filed for bankruptcy after a period of rapid expansion and said it was preparing to sell the business, Bloomberg News reported on Friday. The Inglewood, Calif.-based company, backed by Quad-C Management Inc., listed more than $100 million each in assets and debt in chapter 11 papers filed on Friday. The company sought “to consolidate a fragmented industry,” through acquisitions from 2004 to 2008, Chief Executive Officer Jeffrey M. Black said in court papers. The buyouts “were priced and financed based on projections that proved unattainable” as demand slowed, he said.
