Former Model Sporting Goods CEO Mitch Model joined 'Fox Business Live' to discuss plans to acquire Party City and Big Lots.
Leases for nearly 700 Party City stores are up for auction 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 locations Across America “awaiting court approval.” They are located in 44 states.
“The bid deadline and auction will likely be in early February,” A&G Real Estate Partners said
Leases for nearly 700 Party City stores are up for auction amid the party supply retailer's ongoing bankruptcy. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
Hundreds of leases are “located in freestanding stores as well as Power Center, Strip and city street locations,” according to the company. Their square footage varies from 7,000 to 46,000.
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“This gives operators the opportunity to open turnkey spaces that are ready for immediate occupancy with favorable lease terms in suburban and urban retail markets,” A&G vice president Andy Grazer said in a statement about the auction.
The announcement of A&G Real Estate Partners' planned Party City lease auction comes nearly two weeks after the party supply retailer disclosed that it had filed for Chapter 11 bankruptcy. The party had been ruling the city for nearly four decades.
The announcement of A&G Real Estate Partners' planned Party City lease auction comes nearly two weeks after the party supply retailer disclosed that it had filed for Chapter 11 bankruptcy. (Joe Riddle/Getty Images/Getty Images)
Mitch Modelwho was previously CEO of Modell's Sporting Goods, said he is looking to potentially acquire Party City in the wake of the company's bankruptcy.
He appeared on FOX Business Live on December 31, where he talked about his idea of ”taking over” from Party City and another retailer.
The party is said to have entered the city on December 21 Chapter 11 bankruptcy “Operating in an orderly manner in the most efficient manner and maximizing value for the benefit of the company's stakeholders.”
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According to Party City, “the company decided to permanently close after extensive efforts to find a way forward that would allow it to continue operations in an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors.”
The party had been ruling the city for nearly four decades. (iStock/iStock)
The party supply retailer also said it would continue to employ “more than 95%” of its workforce “for some time” as it winds down its operations.
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In 2023, the company done A Chapter 11 bankruptcy proceeding. At the time, it was able to get rid of nearly $1 billion in debt that it was dealing with.