Party City on Monday said it entered into an agreement to sell its intellectual property and assets to New Amscan PC as part of the Chapter 11 process.
New Amscan PC will act as the stalking horse bidder. The company is an affiliate of Ad Populum, a global leader in pop culture merchandise and the costume industry.
The agreement is subject to higher or otherwise better offers and Bankruptcy Court approval.
Party City has been a household name in the party supply industry for more than four decades, providing decorations, balloons, and costumes to millions of customers through retail and wholesale channels. Its wholesale division, Amscan, has been a leading supplier of party goods to retailers worldwide, further cementing Party City’s reputation as a cornerstone of the celebrations market. The brand remains synonymous with celebrations and milestones across North America.
The auction for the company’s brand and assets will take place on Feb. 6, with the bid deadline set on Feb. 4. Hilco Streambank and Gordon Brothers Brands will oversee the sale process.
For over four decades Party City has offered party supplies such as decorations, balloons and costumes. It also owns a wholesale division named Amscan, which supplies party goods to retailers worldwide.
The company filed for Chapter 11 bankruptcy for the second time earlier this month due to an “immensely challenging environment.” The first filing was in January 2023.
“The sale agreement helps to ensure the preservation of the Party City and Amscan brands for the benefit of vendors and customers and establishes a solid baseline for the ongoing intellectual property sale process,” David Peress, executive VP of Hilco Streambank, said.
How To Participate in the Auction
Hilco Streambank and Gordon Brothers Brands are jointly overseeing the sale process with respect to the Company’s intangible assets. Parties interested in bidding should email project+cosmicflow@hilcoglobal.com
