Party City will be auctioning off the leases for all of its 695 stores in the US ahead of the retail company’s nationwide closure.
In late December, the party store mainstay announced that it would be shuttering its doors after 40 years in the states due to high inflation that it couldn’t keep up with that drove customers elsewhere.
Of the retail company’s 850 outlets, a staggering 695 are in the US. The remaining 155 stores are spread throughout Canada, Puerto Rico, and Mexico.
There will be one last party to bring the four decades of fun to a close by auctioning off all the stores in the US.
“Turn-key spaces ready for immediate occupancy, strategically located in established retail corridors [with] favorable lease terms [and] opportunities in both urban and suburban retail markets,” said a public auction listing published by A&G Real Estate Partners.
A&G, the real estate adviser to Party City that is organizing the auctions, deemed each site to be a “sought-after retail location” and noted that the bidding deadline would likely be sometime in early February.
“This is a large and diverse store portfolio, with good real estate and a great many stores located in high-traffic shopping centers. This auction represents an extraordinary opportunity for expanding operators in what marks the end of an era in the retail industry,” Emilio Amendola, co-president of A&G, wrote in a press release.
As Party City starts to sundown, many have turned to mourn the loss of a childhood shopping staple.
With many sad to see it go, the former owner of Modell’s Sporting Goods has taken a unique approach and suggested that he would be interested in purchasing Party City alongside bankrupt Big Lots so he could give it to his sons and dub them co-presidents.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
