A&G Real Estate Partners, in its capacity as real estate advisor to Party City, plans to auction eight additional leases as part of the retailer’s expedited financial restructuring.
The company previously announced an initial tranche of 12 leases. Two of those locations are no longer available, bringing the total being auctioned to 18.
A&G is also continuing to engage with landlords to reduce occupancy costs as part of the company’s real estate optimisation strategy.
Andy Graiser, co-president of A&G, commented: “Party City recognises that the retail world and the consumer are constantly evolving and that real estate portfolios need to be modified accordingly.
“We fully expect to market additional Party City leases in the weeks ahead. For retailers, that will translate into an opportunity to benefit from Party City’s desirable locations and incredible market penetration. Stay tuned.”
Marc Ehle, Party City’s evp of enterprise operations, added: “Party City is the go-to brand in the celebrations space, and we are excited about the future of our go-forward fleet as we continue to enhance the shopping experience for our customers.
“As we look to the future, our real estate strategy requires optimising the performance of every viable location and exiting those that cannot be brought into alignment with our key financial metrics.”
Party City’s financial restructuring is expected to be complete in the second quarter of 2023.
