CENTRAL PENNSYLVANIA (WHTM) -- Nearly 700 Party City store leases will be heading to auction next month, according to an announcement Friday. The lease for the Party City locations in Albany, Latham, and Clifton Park are included in the auction.
A&G Real Estate Partners, a real estate advisor to Party City Holdco Inc. (PCHI), announced plans to auction off 695 Party City store leases, a move that comes as the nearly 40-year-old retailer begins to wind down its operations.
PCHI filed Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas on Dec. 21, citing "an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors."
According to A&G, the bid deadline and auction for these available leases will likely be held early next month.
"This is a large and diverse store portfolio, with good real estate and a great many stores located in high-traffic shopping centers," said Emilio Amendola, Co-president of A&G and leader of the New York-based company's real estate sales division. "This auction represents an extraordinary opportunity for expanding operators in what marks the end of an era in the retail industry."
The 695 stores range in size from about 7,000 to 46,000 square feet and can be used in a variety of ways.
"You've got a number of strong candidates for this real estate," said Mike Matlat, A&G Senior Managing Director. "The list includes gyms and entertainment tenants, dollar stores, local specialty retailers, furniture stores, and medical office clinics."
The upcoming auction will be held at the Manhattan office of PCHI legal counsel Paul, Weiss, Rifkind, Wharton & Garrison LLP.
A complete list of locations can be found below.
According to A&G, PCHI is retaining more than 95% of its 12,000 employees for some time to assist with the wind-down process. During Party City's going-out-of-business sale, they will offer discounts and deals for customers.
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