Nearly 700 Party City store leases are set to be auctioned as part of the retailer's ongoing bankruptcy proceedings. A&G Real Estate Partners has been tasked with overseeing the auction of the leases for 695 locations across 44 states, with a target date in early February.
The leases of nearly 700 Party City stores are poised to be auctioned off amid the party supplies retailer’s ongoing bankruptcy. A&G Real Estate Partners said it has been tasked with the planned auctioning of leases for 695 locations across America 'pending court approval.' They are located in 44 states. 'The bid deadline and auction likely will be in early February,' A&G Real Estate Partners said.
The hundreds of leases are 'for freestanding stores as well as those located in power centers, strips, and city street locations,' according to the company. Their square footage varies from 7,000 to 46,000. This offers operators the chance to open in turnkey spaces that are ready for immediate occupancy with favorable lease terms in both suburban and urban retail markets,' A&G Co-President Andy Graiser said in a statement about the auction. The announcement of A&G Real Estate Partners’ planned Party City lease auction came roughly two weeks after the party supplies retailer revealed it had filed for Chapter 11 bankruptcy. Party City had been operating for nearly four decades. Mitch Modell, who was previously the CEO of Modell’s Sporting Goods, has said he’s looking to potentially acquire Party City in the wake of the company’s bankruptcy filing. He appeared on FOX Business Live on Dec. 31, where he talked about his idea for 'taking a run at' purchasing Party City and another retailer. Party City said Dec. 21 that it had entered Chapter 11 bankruptcy to 'accomplish an orderly wind down in the most efficient manner and to maximize value for the benefit of the Company’s stakeholders
BANKRUPTCY RETAIL LEASES AUCTION PARTY CITY
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