A&G Real Estate Partners, the real estate advisor for Party City Holdco Inc. (PCHI), has announced plans to auction off 695 leases for Party City stores as the retailer begins to wind down its operations after nearly four decades in business. The going-out-of-business sales have already begun at these locations following PCHI’s Chapter 11 filing on December 21.
The bid deadline and auction are expected to take place in early February at the Manhattan office of PCHI’s legal counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP. According to Emilio Amendola, co-president of A&G and leader of their New York-based real estate sales division, this is a significant opportunity for expanding businesses due to the large and diverse store portfolio with prime locations in high-traffic shopping centers.
The leases cover stores located across 44 states with a concentration in California,Texas,and New York.They include freestanding stores as well as those situated in power centers,stips,and city streets.No fee-owned properties will be available through this auction.This marks an end of an era for retail industry making it a unique opportunity not be missed by potential buyers.
