Party City to Auction Off Leases for All 695 US Stores Ahead of Closure
Party City, a beloved party store chain with 695 locations in the United States, recently announced that it will be closing its doors after 40 years in business. The decision to shut down was made due to high inflation rates that the company struggled to keep up with, leading customers to seek party supplies elsewhere.
The retail company will be auctioning off the leases for all of its US stores in a final farewell to four decades of fun. The remaining 155 Party City stores are located in Canada, Puerto Rico, and Mexico, and will not be part of the auction.
A&G Real Estate Partners, the real estate adviser to Party City, will be organizing the auctions for the store leases. According to a public auction listing, the sites are described as “turn-key spaces ready for immediate occupancy, strategically located in established retail corridors with favorable lease terms.” Bidding for the leases is expected to close in early February.
Emilio Amendola, co-president of A&G, highlighted the quality of the store locations, stating that the portfolio offers a great opportunity for expanding operators in the retail industry. The auction represents the end of an era for Party City and marks a significant shift in the retail landscape.
As the news of Party City’s closure spreads, many customers have expressed sadness at the loss of a childhood shopping staple. Former owner of Modell’s Sporting Goods, who has shown interest in purchasing Party City along with bankrupt Big Lots, has suggested that he would like to pass on the business to his sons and have them serve as co-presidents.
The auctioning of Party City’s store leases signifies the end of an era for the popular party store chain. Customers and industry insiders alike are watching closely as the final chapter of Party City’s story unfolds.
