Close to 700 Party City store leases will be auctioned, according to an announcement from A&G Real Estate Partners. The Woodcliff Lake-based retailer, which announced on Dec. 21, 2024 that it was going out of business, is winding down its operations and preparing to unload a total of 695 leases — 26 of which are located in New Jersey.
The bid deadline and auction likely will be in early February.
“This is a large and diverse store portfolio, with good real estate and a great many stores located in high-traffic shopping centers,” 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 auctions will offer operators the chance to open in turnkey spaces that are ready for immediate occupancy with favorable lease terms.
With box sizes that range from approximately 7,000 to 46,000 square feet, the stores are a fit for a wide array of potential users.
“Gyms and entertainment tenants, dollar stores, local specialty retailers, furniture stores, and medical office clinics, are all good fits for store takeovers, according to A&G Senior Managing Director Mike Matlat.
The leases are for freestanding stores as well as those located in power centers, strips, and city street locations; no fee-owned properties are available in the auction.
To accomplish an orderly wind down in the most efficient manner and to maximize value for the benefit of the Company’s stakeholders, PCHI and certain of its subsidiaries voluntarily filed Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The company cited “an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors.”
PCHI is retaining more than 95% of its 12,000 employees for some time to assist with the wind down process. During the going out of business sales, shoppers at Party City stores will be able to take advantage of deals and deep discounts on merchandise while supplies last.
The full store list is available here.
