Party City to auction off leases to all US stores as it goes out of business

Company Overview - Party City operates 695 stores in the United States and 155 stores across Canada, Puerto Rico, and Mexico [2][7] - The company announced the closure of all its US stores after 40 years of operation due to high inflation and declining customer demand [6][7] Auction Details - Party City is auctioning off leases for all 695 US store locations through A&G Real Estate Partners [1][6] - The auction features turn-key spaces in strategic retail locations with favorable lease terms, suitable for both urban and suburban markets [2] - The bidding deadline is set for early February [3][5] Real Estate Portfolio - The store portfolio is described as large and diverse, with many locations in high-traffic shopping centers [4] - A&G Real Estate Partners highlights the portfolio as an extraordinary opportunity for expanding retail operators [4] Industry Context - The closure of Party City marks the end of an era in the retail industry, reflecting broader challenges faced by traditional retailers [4] - The former owner of Modell's Sporting Goods expressed interest in acquiring Party City and Big Lots, potentially reviving the brand [5]