Former Modell’s Sporting Goods CEO Mitch Modell joined ‘FOX Business Live’ to discuss his plan to buy Party City and Big Lots.
The leases for Party City’s nearly 700 stores are up for auction amid the party supplies retailer’s ongoing bankruptcy.
A&G Real Estate Partners announced that it has been commissioned for a planned lease auction for 695 places across America “pending court approval”. They are located in 44 countries.
“The deadline for submitting bids and the auction will probably be in early February,” said A&G Real Estate Partners.
The leases for Party City’s nearly 700 stores are up for auction amid the party supplies retailer’s ongoing bankruptcy. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
The hundreds of leases are “for freestanding stores as well as those located in energy centers, streets and city streets,” according to the company. Their square footage varies from 7,000 to 46,000.
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“This offers operators the opportunity to open turnkey spaces that are ready for immediate occupancy at favorable lease terms in suburban and urban retail markets,” A&G co-president Andy Graiser said in a statement about the auction.
The announcement of the planned auction of Party City’s lease by A&G Real Estate Partners came about two weeks after the party supplies retailer revealed it had filed for Chapter 11 bankruptcy. Party City operated for nearly four decades.
The announcement of the planned auction of Party City’s lease by A&G Real Estate Partners came about two weeks after the party supplies retailer revealed it had filed for Chapter 11 bankruptcy. (Joe Raedle/Getty Images/Getty Images)
Mitch Modellwho previously served as CEO of Modell’s Sporting Goods, said he intends to potentially buy Party City after the company files for bankruptcy.
He appeared on FOX Business Live on Dec. 31, where he talked about his idea to “bump” into buying Party City and another retailer.
On Dec. 21, Party City said it entered Chapter 11 bankruptcy in order to “achieve an orderly exit in the most efficient manner and maximize value for the benefit of the Company’s stakeholders.”
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The company decided to close permanently following “exhaustive efforts by the Company to find a way forward that would allow it to continue operating in an extremely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors,” according to Party City.
Party City operated for almost four decades. (iStock / iStock)
The party supply retailer also said it would continue to employ “more than 95%” of its workers “for some time” after the closure.
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The company is in 2023 completed filed for Chapter 11 bankruptcy. During that time, she managed to get rid of nearly a billion dollars in debt that she was dealing with.
