Entries tagged with: Party City

Party City opening store in fast-growing North Dakota city

Party City is opening an 8,300-square-foot store in Minot, North Dakota, reported the Minot Daily News. The new store is located in the Dakota Square Mall, which also has Target, J.C. Penney, Old Navy and others as tenants. Minot becomes the third North Dakota city with a Party City, joining Fargo and Grand Forks. Minot has an estimated population of around 49,000 people and is experiencing fast growth, with a near-20 percent population increase since…  » Read more

Party City moving into vacant Target store in Ontario city

Target closing up shop in Canada has left plenty of retail space open, and Party City is taking advantage in one Ontario market. Construction is currently underway for a new Party City location at the site of a former Target store in North Bay, a community of approximately 50,000 people about 225 miles north of Toronto, it was reported by the North Bay Nugget. Party City won’t be the lone tenant, as several other retailers…  » Read more

Overall Party City sales up 7.2 percent during first quarter of 2018

Party City Holdco Inc. (NYSE:PRTY) announced May 9 financial results for the first quarter ended March 31, 2018. James M. Harrison, Chief Executive Officer, stated, “I am pleased with the start of 2018 as both top and bottom line objectives were met, along with accelerated EPS growth. Reported revenue grew 6.5 percent, driven by a balance of strong brand comparable sales at retail, along with double-digit growth in our international business. The strength of our…  » Read more

Party City manager accused of embezzlement pleads no contest

A Party City manager in California accused of embezzling more than $25,000 has agreed to a plea deal, reported television station KGET. Scott Kavanagh was arrested in December on embezzlement and burglary charges. He is the former manager of the Party City on Stockdale Highway in Bakersfield. Kavanagh has pleaded no contest to the embezzlement charge in exchange for the burglary charge being dropped. He’s scheduled to be sentenced in July.

Following ‘insensitive’ commercial, Party City asking customers to donate to Celiac awareness

From "This past January, Party City aired an insensitive commercial which poorly portrayed celiac disease and the gluten-free diet. After the celiac disease community erupted on social media, Party City acted quickly to discontinue the ad and to apologize. The party goods retailer also took the extra step to learn more about celiac disease and made donations to support celiac disease research. Now, they're taking it a step further during Celiac Awareness Month with a…  » Read more

Party City launches line of Islamic holiday products

Muslims decorating their homes in celebration of Ramadan isn’t necessarily traditional, but it is growing in popularity, reported the New York Times. Party City has launched a new line of products to oblige. Party decorations for Islamic holidays is a growing market, wrote the Times’ Maya Salam, as thus far, only Etsy and Amazon have had much to offer. Party City’s new line includes tableware, banners, balloons and gift bags. Ramadan lasts 29 or 30…  » Read more

Party City stock cited as a hot one to own in coming years by financial analyst

A financial analyst with has cited Party City Holdco stock (PRTY) as a hot one to buy. Elizabeth Suzuki of TipRanks feels Party City stock is going to perform very well over the next three years, as she upgraded it to a “Buy” rating as of Thursday, April 19. Her reasoning, as outlined by’s Shanthi Rexaline: improved timing of Halloween in coming years, a strong lineup of franchise movies (i.e. “Frozen 2”) and…  » Read more

Party City adds 11 Maryland stores to its growing portfolio of company-owned locations

Party City Holdco Inc. (NYSE:PRTY), the leading vertically integrated party goods company in North America, announced that it has entered into an agreement to acquire the master franchise group representing 11 franchise stores in the Maryland market. The purchase price of approximately $14 million represents a fully synergized multiple of EBITDA of approximately four times. In 2017, this franchise operator reported sales of approximately $26 million. Prior to this acquisition, the company’s retail operations included…  » Read more

Party City gets heated public backlash following ‘insensitive’ commercial

A Party City advertising campaign has gone all wrong, and it has the party giant scrambling to make apologies. The video commercial that aired on Jan. 22 featured two people getting ready for a Super Bowl party. When one person referenced gluten-free snack options for guests, the other responded, “Do we even know anyone like that?” and later added, “Gross.” That exchange didn’t sit well with many folks, who feel the commercial is offensive because…  » Read more

Party City to partner with talent management service to streamline hiring process

Infor, a leading provider of industry-specific cloud applications, announced Jan. 16 that Party City, a leading party goods retailer in North America with more than 900 stores, has selected Infor Talent Science to streamline hiring process and select the most qualified candidates. Infor® Talent Science™ leverages cutting edge technology to deliver talent management insights that are deep, yet easy to understand. The solution combines powerful analytics and behavioral science to create a technology platform that dramatically increases HR's business…  » Read more

Party City manager in California charged with embezzlement

A Party City store manager in California has been arrested for suspected embezzlement. Scott Kavanagh, manager of a Party City on Stockdale Highway in Bakersfield, was arrested on Dec. 18 for allegedly embezzling more than $25,000 from the store, news outlet KBAK/KBFX reported. No other details are currently available. There are approximately 900 Party City locations in North America. The majority of Party City stores are owned by the parent company, Party City Holdco, with…  » Read more

Party City buys Oklahoma City-area chain Party Galaxy

Party City Holdco Inc. (NYSE: PRTY) announced Dec. 19 that it has entered into an agreement to acquire the MG Novelty Corporation for approximately $5.5 million, which includes seven retail stores under the name “Party Galaxy” in the Oklahoma City metro area. MG Novelty Corporation reported total annual sales of approximately $9.0 million in 2016. James M. Harrison, Party City’s Chief Executive Officer, said: “This immediately accretive acquisition provides us the opportunity to enter the new market of…  » Read more

Party City CEO James Harrison purchases 20K shares following buyback initiative

Party City Holdco’s board of directors authorized a stock buyback initiative earlier this month, which has led to a couple of big purchases by company executives. The buyback authorization, usually a sign that a company’s leadership feels its stock is undervalued, was approved by the Party City board on Nov. 9, reported. Just days later, CEO James Harrison purchased 20,000 shares of company stock at a value of $225,400, and Chief Accounting Officer Michael…  » Read more

Party City’s ‘Wall’ costume drawing scorn

It wouldn’t be Halloween without some controversial costumes, and Party City’s “The Wall” costume fits the bill this year. The New York Post is the latest to take notice of the costume, which is a simple pullover top with a brick wall design and words “The Wall” written on the front. Critics say it’s a play on President Trump’s idea to build a wall at the U.S.-Mexico border. Others, however, suggest maybe it’s just a…  » Read more

Party City to add 25,000 seasonal employees for Halloween

Party City (NYSE:PRTY) said Sept. 28 that it plans to hire approximately 25,000 temporary employees and open up more than 270 Halloween City pop-up stores in preparation for a busy Halloween season. According to the National Retail Federation (NRF), 48% of adults are planning to wear a costume this year, which is the highest such figure in the history of its 12-year old of “Annual Halloween Spending Survey.” Party City CEO Jim Harrison said, “Consumers’…  » Read more

Party City buys Texas-based personalized printing company

Party City Holdco Inc. (NYSE: PRTY), the leading vertically integrated party goods company in North America, announced July 27 that it has acquired a majority interest in Print Appeal, Inc., a leading privately held manufacturer and wholesaler of printed personalized products, based in Dallas. Under the terms of the agreement, Party City has purchased a 60% interest in Print Appeal valued at $2.8 million, with an agreement to purchase the remaining interest over the next four to five…  » Read more

Party City stakes claim in online invitation and greeting card business

Party City has claimed a stake in the online invitation and greeting card business. The party supply giant has invested $4 million as part of a partnership with Punchbowl, an online invitation, greeting card and party planning company. Here is the press release: Punchbowl®, the company behind the critically acclaimed technology platform for online invitations and digital greeting cards, today announced the closing of an investment from leading party goods company Party City (NYSE:PRTY). Ryan…  » Read more

Party City to launch broad-spectrum online marketplace

Party City Holdco Inc. (NYSE:PRTY) announced May 9 financial results for the first quarter ended March 31, 2017. James M. Harrison, Chief Executive Officer, stated, “2017 is off to a solid start with first quarter results that were in line with our expectations. A compelling assortment, good in-store execution and strong holiday performance were all positive contributors in our retail business. In our consumer products business, we realized over 17% growth internationally in constant currency,…  » Read more

Party City reports major increase in Cinco de Mayo sales

Sales of Cinco de Mayo party products at Party City have increased by more than 50% over the last two years as more and more consumers in the U.S. embrace celebrations in personalized and differentiated ways. “We continue to see a strong convergence with our consumers, where their increased desire to celebrate life’s happy moments meets their need to reflect their own individuality, and we are well positioned to meet these dynamics with our broad…  » Read more

Is Party City Holdco on the verge of being sold? Could be

A major development could be unfolding in the party industry. According to a Reuters report, Party City Holdco Inc. could be sold to an unnamed private equity firm in the way of a leveraged buyout. Party City Holdco’s current majority owner is Thomas H. Lee Partners LP, which acquired its 55 percent share two years and then took the company public. Advent International LP also owns 19 percent of Party City Holdco. The sale appears…  » Read more

Party City Holdco buys 18 franchise stores in the Carolinas

Party City Holdco Inc. (NYSE:PRTY), the leading vertically integrated party goods company in North America, announced that it has entered into an agreement to acquire a master franchise group representing 18 franchise stores in North Carolina and South Carolina. The purchase price of $31 million represents a multiple of EBITDA of approximately 4.6 times, and the fully synergized multiple is expected to be about four times. In 2016, this franchise operator reported sales of approximately…  » Read more

Party City purchases Granmark to increase presence in Latin America

Party City Holdco Inc. (NYSE:PRTY), the leading vertically integrated party goods company in North America, announced March 7 that it has acquired a majority interest in Granmark, S.A. de C.V., a leading privately held manufacturer and distributor of party supplies, gift wrap and stationery items based in Monterrey, Mexico. Founded in 1985, Granmark's portfolio of licenses includes Disney, Dreamworks, Mattel, Hasbro, Nickelodeon, Televisa, Tycoon, Warner Bros., Marvel and Lucas. Under the terms of the agreement,…  » Read more

Party City acquires Australian balloon and party supplies wholesaler

Party City Holdco Inc. (NYSE: PRTY) announced March 3 that it has acquired Balloon Agencies, a wholesaler and distributor of balloons and party supplies in Brisbane, Australia. The acquisition is valued at $1.9 million ($2.5 million AUD), which consists of $2 million AUD up front and $500,000 AUD conditional upon future business performance. The deal price represents 3-3.5 times EBITDA (earnings before interest, tax, depreciation and amortization) when fully synergized. Jim Harrison, CEO of Party City said, “Balloon…  » Read more

Party City Holdco Inc. acquires 18 more franchise stores in southern U.S.

Party City Holdco Inc. announced Jan. 6 the acquisition of 18 franchise stores in the southern U.S., including in Alabama, Florida, Louisiana and Mississippi. The purchase price is reported to be between $14.5 and $15 million. The acquisition expands Party City’s company-owned retail store total, which was 750 prior to the deal. There are also 184 franchise Party City locations. James Harrison, chief executive officer for Party City Holdco, said the acquiring more locations from…  » Read more

Party City stores to add 35,000 workers for Halloween season

It isn’t unusual for retailers to hire extra help for the holidays. For costume retailers, the holidays isn’t December, but October, when their busiest time of the year occurs. That includes the largest Halloween-focused retail chain, Party City, which will add 35,000 employees to help out at its 1,000-plus stores during the month of October, according to Yahoo! Finance. “Halloween is our busiest and favorite time of year, and we want to ensure customers enjoy…  » Read more

Party City Holdco reports second-quarter gains

Party City Holdco Inc. (PRTY) announced on Aug. 4 its financial results for the quarter ended June 30, 2016. “Our performance this quarter reflects our strong global vertical model as well as the strength of our product category which has a steady demand and is generally unaffected by economic conditions.” said James M. Harrison, Chief Executive Officer. “On the retail side we are seeing more normalized shopping patterns driven, in part, by a strong summer/graduation…  » Read more

Party City announces first-quarter loss of nearly 400K, opens first Mexico store

Party City Holdco Inc. (PRTY) reported a first-quarter loss of $394,000 on Thursday, May 12, according to the Associated Press. "On a per-share basis, the Elmsford, New York-based company said it had a loss of less than 1 cent. Earnings, adjusted for one-time gains and costs, came to 4 cents per share. "The results met Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was also for earnings of 4…  » Read more

Party City Files For $500 Million IPO

According to Reuters, Party City Holdco Inc, the largest U.S. party goods retailer backed by buyout firm Thomas H. Lee Partners LP, filed with U.S. regulators to raise up to $500 million in an initial public offering of common stock.   Founded in 1947, Party City has 40,000 retail outlets worldwide, which include its own stores, independent party supply stores and grocery retailers.   Thomas H. Lee acquired a majority stake in Party City in…  » Read more

iParty Corp. to be Acquired by Party City

iParty Corp., a leading party goods retailer with a strong presence in New England, and Party City Holdings Inc., North America’s largest party supply retailer, announced that they have entered into a definitive merger agreement under which Party City will acquire iParty for $0.45 per share of iParty Common Stock and the greater of liquidation preference or conversion value for each share of iParty Preferred Stock, in cash. The purchase price for iParty Common Stock…  » Read more