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As Party City Holdco Inc. prepares to close its chain of nearly 700 stores across the United States, the company’s real estate adviser announced Friday that all Party City store leases, including 12 in Connecticut, will be sold at auction.
The company filed for Chapter 11 bankruptcy protection last month, citing "an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors."
The auction, which requires approval from the bankruptcy court, will likely take place in early February. It will be held at the office of Party City’s legal counsel in New York City.
The auction will include all 695 Party City store leases, including locations in East Hartford, Enfield, Fairfield, Hamden, Manchester, Newington, Norwalk, Orange, Simsbury, Stamford, Waterbury and Waterford.
Party City stores will remain open as operations wind down, according to the announcement from A&G Real Estate Partners. Going-out-of-business sales are underway.
The auction includes a diverse store portfolio, including freestanding stores and others in high-traffic shopping centers.
The stores are “turnkey spaces that are ready for immediate occupancy with favorable lease terms in both suburban and urban retail markets," said Andy Graiser, co-president of A&G.
The box sizes range from about 7,000 square feet to 46,000 square feet.
"You've got a number of strong candidates for this real estate," said Mike Matlat, A&G’s senior managing director. "The list includes gyms and entertainment tenants, dollar stores, local specialty retailers, furniture stores and medical office clinics."
Party City is retaining more than 95% of its 12,000 employees to help with the wind-down process, according to the announcement.
For more information about bid procedures and lease terms for individual locations, contact A&G Co-President Emilio Amendola at (631) 465-9507 or emilio@agrep.com; A&G Senior Managing Director Mike Matlat at (631) 465-9508 or mike@agrep.com; or A&G Senior Managing Director Doug Greenspan at (310) 770-7832 or doug@agrep.com.
The full store list is available here: www.agrep.com/index.php/partycity.
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