Photo / Renee Cordes
Everything must go at this Party City in South Portland by next month.
January 4, 2025
Party's over at Party City, which will close 2 Maine stores in February
Photo / Renee Cordes
This Party City store in South Portland near the Maine Mall is set to close its doors for good by February.
Maine's only Party City stores, in South Portland and Bangor, are scheduled to close their doors for good in February. They're among close to 700 Party City locations nationwide set to be auctioned by the bankrupt retail chain, which is based in New Jersey.
The bid deadline and auction will likely be in early February, according to A&G Real Estate Partners, an advisor to the 40-year-old retail chain.
"This is a large and diverse store portfolio, with good real estate and a great many stores located in high-traffic shopping centers," said Emilio Amendola, co-president of A&G and leader of the New York-based company's real estate sales division. "This auction represents an extraordinary opportunity for expanding operators in what marks the end of an era in the retail industry."
Ranging in size from around 7,000 to 46,000 square feet, the stores are a being touted for a wide range of uses.
"You've got a number of strong candidates for this real estate," said Mike Matlet, a senior managing director with A&G. "The list includes gyms and entertainment tenants, dollar stores, local specialty retailers, furniture stores and medical office clinics."
The leases are for freestanding stores as well as those located in shopping centers, strips and city street locations.
Party City recently filed for bankruptcy for the second time in two years. As the clock ticks on winding down operations, going-out-of-business sales remain in full swing.
At the store in South Portland over the weekend, there were deep discounts on a range of items from taco piñatas to inflated unicorn balloons, although with a sign indicating that helium is unavailable. The store is taking cash and credit card payments only, but no checks, and won't accept any returns on sale items.
Elsewhere in Maine's retail sector, Columbus, Ohio-based Big Lots — which has four stores in the Pine Tree State — completed a previously announced deal that will pave the way for Variety Wholesalers Inc. to acquire between 200 and 400 Big Lots stores.
However, the fate of four Big Lots stores in Maine remains unclear; the stores are located in Auburn, Augusta, Brunswick and Farmington.
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