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By Shaun Tillotson (The Waterbury Scoop)
As Party City Holdco Inc. prepares to close its extensive chain of nearly 700 stores located throughout the United States, significant developments have emerged regarding the future of its retail locations. On Friday, the company’s real estate adviser announced that all Party City store leases—including 12 located across various towns in Connecticut—are set to be sold at auction. The company recently filed for Chapter 11 bankruptcy protection, a decision driven by an "immensely challenging environment" marked by inflationary pressures affecting both operational costs and consumer spending, alongside a myriad of other factors that have contributed to its financial distress. Pending approval from the bankruptcy court, the auction is tentatively scheduled to take place in early February. This event is planned to be held at the offices of Party City’s legal counsel in New York City, emphasizing the seriousness of the situation given the company's mass store closure. The auction will encompass all 695 Party City store leases, with notable locations up for consideration including East Hartford, Enfield, Fairfield, Hamden, Manchester, Newington, Norwalk, Orange, Simsbury, Stamford, Waterbury, and Waterford in Connecticut. The wide selection of store locations demonstrates the geographical diversity and accessibility of the Party City brand, which has been a staple in many communities. Despite the impending closures, Party City stores will continue to operate as normal while the process of winding down operations occurs. Customers can expect to see going-out-of-business sales in stores, offering various deals as the company liquidates its inventory. The auction will feature a diverse portfolio of store spaces, including both freestanding locations as well as those situated in high-traffic shopping centers. Each store is described as a “turnkey space,” meaning they are ready for immediate occupancy, which can be advantageous for prospective buyers looking to quickly establish operations without extensive renovations. According to Andy Graiser, co-president of A&G Real Estate Partners, the stores offer “favorable lease terms” in a mix of suburban and urban retail markets, enhancing their appeal. The dimensions of these retail spaces range significantly, from approximately 7,000 square feet to a sizable 46,000 square feet, providing potential bidders with a variety of options to fit different business needs and strategies. For interested parties seeking more information regarding the bidding process and lease terms relating to specific locations, they are encouraged to reach out to A&G Co-President Emilio Amendola at (631) 465-9507 or [email protected]; A&G Senior Managing Director Mike Matlat at (631) 465-9508 or [email protected]; or A&G Senior Managing Director Doug Greenspan at (310) 770-7832 or [email protected]. This auction represents a pivotal moment for both Party City and the retail landscape as a whole, signaling challenges faced by brick-and-mortar establishments in an evolving market.
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