Leases for five Party City locations in Central Mass. heading to auction as bankrupt company winds down operations
Image | Courtesy of Google Maps
This Party City location in Natick is one of five locations in Central Massachusetts which will see its lease put up for auction.
The party is over for Party City. The leases for the New Jersey-based company’s five Central Massachusetts locations are being put on the auction block as part of bankruptcy proceedings.
The liquidation of the chain’s Central Massachusetts locations comes as part of an auctioning of 695 leases for Party City stores across 44 states, according to the website for A&G Real Estate Partners, the New York-based firm handling the auction process.
Party City filed for Chapter 11 Bankruptcy protection on Dec. 21, citing a desire to wind down operations in a manner to maximize value of stakeholders, according to a press release issued by the firm that day. The company has been offering going-out-of-business sales at its locations since the announcement.
This bankruptcy is the firm’s second in two years, as the company filed for bankruptcy previously in January 2023.
The five Party City locations in Central Massachusetts are:
- 209 Hartford Ave., Bellingham: A 9,092-square foot location with a $10.99 rent-per-square-foot and a lease expiring in January 2026.
- 22 Watertower Plaza, Leominster: A 20,968-square-foot location with a $9.19 rent-per-square-foot and a lease expiring in January 2027.
- 70 Worcester-Providence Turnpike, Millbury: A 10,132-square-foot location in the Shops at Blackstone Valley outdoor mall with a $29.50 rent-per-square-foot and a lease expiring in January 2026.
- 321 Worcester Road, Natick: A 20,387-square-foot location with a $19.46 rent-per-square-foot and a lease expiring in January 2027.
- 100 Boston Turnpike, Shrewsbury: A 10,219-square-foot location with a $23.23 rent-per-square-foot and a lease expiring in January 2028.
The sale comes amidst claims Party City has failed to pay its vendors, with the company’s suppliers in China demanding payment for goods as far back as September, according to reporting from CNN. Employees at the firm told CNN they were blindsized by the news and most of the company’s 12,000 workers will be let go after the conclusion of liquidation sales.
A&G Real Estate Partners said the auctions are set to take place in February, according to CoStar.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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