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Party City to auction off dozens of locations in NY, NJ
By
Giulia Heyward
Published Jan 4, 2025
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By
Giulia Heyward
Published Jan 4, 2025
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Party City is putting its nearly 700 locations up for auction – including dozens of stores in New York and New Jersey.
The auction announcement comes weeks after the New Jersey-based company said it would “wind down” operations and permanently close all its stores after nearly 40 years in business.
Emilio Amendola — co-president of A&G Real Estate Partners, the real estate advisor to Party City that will conduct the auction — said in an announcement the locations made up “large and diverse store portfolio, with good real estate and a great many stores located in high-traffic shopping centers.” A&G said the auction would likely be in early February.
Party City, which is headquartered in Woodcliff Lake, New Jersey, originally filed for bankruptcy in January 2023 amid a $2 billion deficit. It later left bankruptcy status, but filed for bankruptcy yet again last month to accommodate the shutdown, saying it had reduced its debt by about $1 million but “macroeconomic headwinds more recently proved too severe for the company to overcome.”
All of the company’s locations will be sold, and all of its employees will be terminated by the end of February, CNN reported last month. The company said at the time it would retain more than 95% of its 12,000 employees temporarily to assist with the wind-down process.
Party City locations are also holding continuing going-out-of-business sales.
There are nearly 50 Party City stores in New York, including locations in Manhattan, Staten Island, the Bronx and Brooklyn. There are an additional 26 Party City stores in New Jersey, including ones in Jersey City and Princeton.
Party City did not immediately respond to requests for comment from Gothamist.
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business
new york city
new jersey
Giulia Heyward
Giulia Heyward is a breaking news reporter on the Day-Of desk. She previously worked at NPR, as a breaking news reporter, and the New York Times, as a reporting fellow on the national desk. Her work has also appeared in CNN, The Atlantic and Politico. Got a tip? Email [email protected] or more securely on signal at 917-715-1458.
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