Former Modell’s Sporting Goods CEO Mitch Modell joins “FOX Business Live” to discuss his plan to acquire Party City and Big Lots.
The leases of nearly 700 Party City stores are set to be auctioned off amid the party supply retailer’s ongoing bankruptcy.
A&G Real Estate Partners said it has been tasked with the planned auction of the leases 695 sites Across America “pending court approval.” It is located in 44 states.
“The deadline for bidding and auction will likely be in early February,” A&G Real Estate Partners said.
The leases of nearly 700 Party City stores are set to be auctioned off amid the party supply retailer’s ongoing bankruptcy. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
Hundreds of rentals are for “free-standing stores as well as those in power centers, strips and city street locations,” according to the company. Its area ranges from 7,000 to 46,000.
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“This provides operators the opportunity to open space ready for immediate occupancy with favorable lease terms in suburban and urban retail markets,” Andy Grazer, co-president of A&G, said in a statement about the auction.
The announcement of a planned Party City lease auction by A&G Real Estate Partners came nearly two weeks after the party supplies retailer revealed it had filed for Chapter 11 bankruptcy. Party City has been in business for nearly four decades.
The announcement of the planned Party City lease auction by A&G Real Estate Partners came nearly two weeks after the party supplies retailer revealed it had filed for Chapter 11 bankruptcy. (Joe Raedle/Getty Images/Getty Images)
Mitch Modellwho was previously CEO of Modell’s Sporting Goods, said he was looking forward to potentially acquiring Party City in the wake of the company’s bankruptcy filing.
He appeared on FOX Business Live on December 31, where he talked about his idea of buying Party City and other retailers.
Party City said on December 21 that it had entered Chapter 11 Bankruptcy “To accomplish an orderly liquidation process in the most efficient manner and maximize value for the benefit of the company’s stakeholders.”
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The company decided to close its doors permanently after “extensive efforts by the company to find a way forward that would allow operations to continue in an extremely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors,” according to Party City.
Party City has been in business for nearly four decades. (iStock/iStock)
The party supplies retailer also said it will continue to employ “more than 95%” of its workers “for some time” as it winds down operations.
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In 2023 the company complete Chapter 11 Bankruptcy Process During that time, she was able to eliminate nearly $1 billion in debt that she was dealing with.
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