Party City Holdco Inc., the Woodcliff Lake-based specialty retailer that recently emerged from Chapter 11 bankruptcy protection, on Thursday announced it retained Excess Space Retail Services Inc., a Newmark company, to oversee PCHI’s site selection and lease renewal programs.
“Through our previous work together, ExcessSpace has demonstrated that they are best-in-class dealmakers who can provide expert-level market knowledge and lead strategic negotiations with the landlords of our national portfolio,” Marc Ehle, executive vice president, enterprise operations of PCHI, said. “As we continue a period of long-term growth of the brand, we have no doubt that ExcessSpace is best suited to manage our real estate activity and ensure that we are able to uphold and expand our positioning as the premier celebrations provider.”
“We look forward to leveraging our history and experience in effective and diligent tenant representation to ensure that Party City is well-situated with strategically selected retail locations and favorable lease terms,” Michael Wiener, president of ExcessSpace, said. “We look forward to leading these programs and continuing to deliver for this iconic brand.”
PCHI has engaged ExcessSpace to optimize its portfolio of over 750 locations nationwide, across 45 states. Focused on its vision to become the preeminent omnichannel destination for consumers for all things celebration, PCHI’s long-range plan includes prioritizing efforts on innovation that drives traffic, strengthening digital and marketing presence, expanding and upgrading stores and creating efficiencies across its enterprise.
PCHI recently strengthened its capital structure through a restructuring, which enhanced its liquidity with a $562 million new exit asset-based lending facility and a $75 million newly secured investment to fund go-forward operations and distributions.
