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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TK1xD0CalIWA4/e1vt+JTKAoeoHLhVDlWdjjxjCYU+DrBnT67IjUzKK9QelvnlH4
 MG4afjNPiSUOH+HV0akF/Q==

<SEC-DOCUMENT>0001209191-07-065349.txt : 20071120
<SEC-HEADER>0001209191-07-065349.hdr.sgml : 20071120
<ACCEPTANCE-DATETIME>20071120150349
ACCESSION NUMBER:		0001209191-07-065349
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20071116
FILED AS OF DATE:		20071120
DATE AS OF CHANGE:		20071120

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FACTORY CARD & PARTY OUTLET CORP
		CENTRAL INDEX KEY:			0001024441
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
		IRS NUMBER:				363652087
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		2727 DIEHL RD
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60563
		BUSINESS PHONE:		6305792000

	MAIL ADDRESS:	
		STREET 1:		745 BIRGINAL DRIVE
		CITY:			BENSENVILLE
		STATE:			IL
		ZIP:			60106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FACTORY CARD OUTLET CORP
		DATE OF NAME CHANGE:	19961008

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AAH Holdings CORP
		CENTRAL INDEX KEY:			0001340554
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21859
		FILM NUMBER:		071259532

	BUSINESS ADDRESS:	
		STREET 1:		C/O BERKSHIRE PARTNERS LLC
		STREET 2:		ONE BOSTON PLACE, SUITE 3300
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02108
		BUSINESS PHONE:		(617) 227-0050

	MAIL ADDRESS:	
		STREET 1:		C/O BERKSHIRE PARTNERS LLC
		STREET 2:		ONE BOSTON PLACE, SUITE 3300
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02108

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AMSCAN HOLDINGS INC
		CENTRAL INDEX KEY:			0001024729
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPERBOARD CONTAINERS & BOXES [2650]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21859
		FILM NUMBER:		071259533

	BUSINESS ADDRESS:	
		STREET 1:		80 GRASSLANDS ROAD
		CITY:			ELMSFORD
		STATE:			NY
		ZIP:			10523
		BUSINESS PHONE:		9143452020

	MAIL ADDRESS:	
		STREET 1:		80 GRASSLANDS ROAD
		CITY:			ELMSFORD
		STATE:			NY
		ZIP:			10523
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bny42940_ahi.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-11-16</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001024441</issuerCik>
        <issuerName>FACTORY CARD &amp; PARTY OUTLET CORP</issuerName>
        <issuerTradingSymbol>FCPO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001024729</rptOwnerCik>
            <rptOwnerName>AMSCAN HOLDINGS INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>80 GRASSLANDS ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ELMSFORD</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10523</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001340554</rptOwnerCik>
            <rptOwnerName>AAH Holdings CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O BERKSHIRE PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>ONE BOSTON PLACE, SUITE 3300</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02108</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-11-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>254084</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On November 16, 2007 Amscan Acquisition, Inc., a wholly-owned subsidiary of Amscan Holdings, Inc., acquired over 90% of the issued and outstanding shares of Factory Card &amp; Party Outlet Corp. (&quot;FCPO&quot;) common stock in a tender offer pursuant to the Agreement and Plan of Merger, dated as of September 17, 2007 (the &quot;Merger Agreement&quot;), by and among Amscan Holdings, Inc., Acquisition, and FCPO.  Following the close of the tender offer, Acquisition was merged with and into FCPO on November 16, 2007 (the &quot;Merger&quot;) pursuant to Delaware's short-form merger procedure and the Merger Agreement.  Following the Merger, all of FCPO's outstanding common stock, except for stock held by FCPO stockholders that may properly perfect their appraisal rights in accordance with Delaware law, was cancelled, and Factory Card &amp; Party Outlet Corp., the surviving corporation, issued 100 shares of common stock, par value $0.01 per share, to Amscan Holdings, Inc., the sole rec
ord holder of such shares.</footnote>
        <footnote id="F2">These shares are owned directly by Amscan Holdings, Inc., a wholly-owned subsidiary of AAH Holdings Corporation.  AAH Holdings Corporation may be deemed to be an indirect beneficial owner of the reported securities only by virtue of the fact that Amscan Holdings, Inc., the record holder of the shares, is a wholly-owned subsidiary.  AAH Holdings Corporation disclaims beneficial ownership of the reported securities, and this report shall not be deemed an admission by such entity that it is a beneficial owner of such securities for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Michael A. Correale, Chief Financial Officer</signatureName>
        <signatureDate>2007-11-20</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ James M. Harrison, President</signatureName>
        <signatureDate>2007-11-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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