Party City will auction off the rental properties at all 695 U.S. stores ahead of the retailer's nationwide closure.
In late December, the party store flagship announced it would close after 40 years in the state after customers left for other locations after failing to keep up with high inflation.
Of the company's 850 stores, a whopping 695 are in the United States. The remaining 155 stores are spread across Canada, Puerto Rico and Mexico.
A final party will be held to end 40 years of fun by auctioning off all stores in the United States.
“Move-in-ready, turnkey spaces strategically located in established retail corridors [with] Advantageous lease terms [and] There are opportunities in both urban and suburban retail markets,” Mr. A said. Public auction property list published by A&G Real Estate Partners.
Party City real estate advisor A&G, which is organizing the auction, said it considered each site to be a “popular retail outlet” and that the bidding deadline was likely in early February.
“This is a large and diverse store portfolio, with many located in prime real estate and high-traffic shopping centers. This auction marks the end of an era in the retail industry. This is a great opportunity for us to expand our operations,” said A&G Co-President Emilio Amendola. press release.
As the sun set on Party City, many began to mourn the loss of their childhood shopping staple.
While many mourned its demise, the former owners of Modell's Sporting Goods took a unique approach and were interested in purchasing Party City along with the bankrupt Big Lots, passing it on to their sons. He indicated that he was interested in being appointed as co-president.
