Mitch Modelle, former CEO of Modelle Sporting Goods, joins “FOX Business Live” to discuss his plan to acquire Party City and Big Lots.
The leases for nearly 700 Party City stores are up for auction amid the party supplies retailer's ongoing bankruptcy.
Real Estate Partners A&G said that the task of the planned auction of leases for 695 places Across America “pending court approval.” They are located in 44 states.
A&G Real Estate Partners said: “The bid and auction deadline will likely be early February.”
The leases for nearly 700 Party City stores are up for auction amid the party supplies retailer's ongoing bankruptcy. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
According to the company, the hundreds of leases are “for independent stores as well as those located in power centers, strip and city street locations.” Their size varies from 7000 to 46000.
Party City goes out of business after 40 years
“This gives operators the opportunity to open in spaces that are ready for immediate occupancy with favorable lease terms in suburban and urban retail markets,” A&G president Andy Grazer said in a statement about the auction.
The announcement of A&G Real Estate Partners' planned auction of Party City's lease comes nearly two weeks after the party supplies retailer revealed it has filed for Chapter 11 bankruptcy. Party City was active for nearly four decades.
The announcement of A&G Real Estate Partners' planned auction of Party City's lease comes nearly two weeks after the party supplies retailer revealed it has filed for Chapter 11 bankruptcy. (Joe Rudel/Getty Images/Getty Images)
Mitch Modellwho was previously CEO of Modell's Sporting Goods, has said he is looking into a possible purchase of Party City following the company's bankruptcy filing.
He appeared on FOX Business Live on December 31, where he talked about his idea to “run in” to buy Party City and another retailer.
Party City said on December 21 that it arrived Chapter 11 bankruptcy To “perform an orderly wind in the most efficient manner and maximize value for the benefit of the company's stakeholders.”
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According to Party City, the company will be permanently closed after the company's “comprehensive efforts to find a path forward that will allow operations to continue in an extremely challenging environment caused by inflationary pressures on consumer spending and spending, among other factors.” .
Party City was active for nearly four decades. (iStock)
The party accessories retailer also said it would continue to employ “more than 95 percent” of its workers “for some time” as it wound down.
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In 2023, the company completed During this time, the Chapter 11 bankruptcy process was able to get rid of nearly a billion dollars in debt that it was dealing with.