This ad will be closed automatically in X seconds.

Party City has completed the sale of its Canadian business

US party retail chain Party City has announced that it has now fully completed the sale of its Canadian retail business to Canadian Tire Corporation.

Following the transaction, Canadian Tire has acquired Party City’s 65 Canadian retail store locations in an all-cash transaction valued at approximately CAD$174 million. The proceeds from this transaction will primarily be used to pay down debt.

Party City and Canadian Tire have also agreed to a long-term wholesale supply agreement which will see Party City’s wholesale business, Amscan, providing Canadian Tire with consumer products for the next ten years. The company expects to double Amscan’s average annual wholesale shipments into the Canadian marketplace during the term of the agreement.

“We are pleased to have completed this transaction with Canadian Tire which will fuel the expansion of the Party City brand and our distribution throughout Canada,” said James Harrison, Party City’s chief executive officer.

He continued: “This partnership and long-term wholesale supply agreement reinforces our position as the North American leader in the party goods space. We look forward to a long and mutually beneficial commercial relationship with one of Canada’s pre-eminent retailers.”

MORE NEWS
amscan500
 
Party, costume and balloon supplier releases fresh new product and updated ranges for 2020....
partycity500
 
Business arm of global news company NBC takes a look at US retailer Party City....
silc500
 
The first SILC will take place on Thursday June 11 at The British Library....
party500
 
The latest issue of PPE is available now, packed full of news, views, features and interviews....
hpo500
 
Following a successful three days of business, H&P Expo 2020 has been declared ‘a great success’ by sponsors and show organisers alike....
chris500
 
Chris Isitt, vp of UK, EMEA and Australia, will be leaving global costume company Rubie's Masquerade towards the end of February, 2020....
Get the latest news sent to your inbox
Subscribe to our daily newsletter