[Update as of Feb. 26, 2025] With Party City store closing sales entering their final weeks, asset management company Gordon Brothers has restocked the retailer’s brick-and-mortar locations with new merchandise, promising shoppers savings of up to 80%.
“Time is running out for customers to enjoy tremendous savings on a wide assortment of merchandise, including party supplies for upcoming occasions such as St. Patrick’s Day, Easter and graduation,” said Rick Edwards, Head of North American Retail at Gordon Brothers in a statement. “This is a great opportunity for party hosts and planners to stock up while supplies last.”
[Update as of Jan. 3, 2025] A&G Real Estate Partners will auction 695 leases of Party City stores as the retailer holds going-out-of-business sales at these locations. The leases are for freestanding stores as well as those located in power centers, strips and city street locations, in sizes ranging from approximately 7,000 to 46,000 square feet.
“You’ve got a number of strong candidates for this real estate,” said Mike Matiat, Senior Managing Director at A&G in a statement. “The list includes gyms and entertainment tenants, dollar stores, local specialty retailers, furniture stores and medical office clinics.”
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The bid deadline and auction will likely take place in early February.
– Original story from Dec. 23, 2024 begins –
Party City Holdco Inc. (PCHI) has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in the Southern District of Texas and has begun to wind down retail and wholesale operations, including holding “going out of business” sales prior to closing its approximately 700 stores across the country.
The retailer was attempting a financial restructuring as it was emerging from its previous bankruptcy in October 2023. During this process, PCHI eliminated nearly $1 billion in debt, but found that “macroeconomic headwinds” were too fierce for it to overcome.
The decision to cease operations was made “following exhaustive efforts by the Company to find a path forward that would allow continued operations in an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors,” according to a company statement.
PCHI will retain more than 95% of its 12,000 employees for some time to assist with store closing processes. The retailer had named Barry Litwin as its new CEO in August 2024 to lead the restructuring process, and partnered with Instacart for same-day deliveries from its stores in October 2024.
