January 8, 2025
Party City filed Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. This marks the Company’s second Chapter 11 filing in two years as it seeks to implement an orderly wind-down of its operations and liquidate its assets. Shortly after filing, the court issued interim orders authorizing the use of cash collateral, approving bidding procedures for the sale of Party City’s assets, and permitting the Company to engage Gordon Brothers to manage store closing sales. On December 24, the company submitted a list of all 692 stores slated for closure.
On January 3, Party City announced that A&G Real Estate Partners, its real estate advisor, will auction 695 store leases as part of the wind-down process. The leases include locations ranging from 7,000 to 46,000 square feet in freestanding stores, power centers, strip malls, and urban street locations; no fee-owned properties are included in the auction. Going-out-of-business sales are underway at all affected stores, with the bid deadline and auction expected in early February.
See the Company's locations in the below map.
The Container Store filed Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The Company stated it will implement a recapitalization transaction to “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.
On December 24, the Court issued interim orders authorizing the Debtors to access: (i) $20.0 million in new money under the DIP term loan, and (ii) roll up $37.5 million of Prepetition First Lien Secured Obligations under the DIP term loan, (iii) access a $140.0 revolving ABL Facility, and (iv) use cash collateral. Access to the balance, of the $115.0 of requested new money DIP term loan financing, as well as the $37.5 million balance of the roll-up under the DIP term loan, is set to occur upon issuance of a final DIP order; with consideration of that order now scheduled for January 21, 2025.
A hearing to consider confirmation of the Plan of Reorganization is scheduled for January 24, 2025.
See the Company's store locations in the below map.
On January 4, Big Lots finalized its sale agreement with Gordon under which Variety Wholesalers will acquire two distribution centers and 200 to 400 Big Lots stores, which will continue to operate under the Big Lots brand. This deal comes after Big Lots, in conjunction with Gordon Brothers and Hilco, began store closing sales at all remaining 869 stores in late December 2024. The decision came after the sale to Nexus Capital Management fell through.
See the map below for Big Lots' locations across the U.S.
Costco plans to open six new stores in early 2025, in the following locations:
- Brentwood and Highland, CA
- Genesee County, MI
- Prosper and Weatherford, TX
- Sharon, MA
All locations are expected to open by March 2025, bringing Costco's store count to over 900 locations (897 at 1Q25 end). During FY25, Costco aims to open 26 new locations, including 16 in the U.S.; during 1Q25, six stores were opened, including two in the U.S. The adjacent map shows Costco's future openings, according to our Retail Openings & Closings tracker.
Bass Pro Shops is set to expand with a 77,000-square-foot store in Clifton Park, NY, marking its debut in the Albany region, scheduled to open in summer 2025.
Additionally, the retailer plans to open a 130,000-square-foot location at the Brands at the Ranch retail development in Loveland, CO, with an anticipated opening in 4Q25. See our adjacent map for future openings, according to our Retail Openings & Closings tracker.
The information contained in this newsletter is compiled from sources which RetailStat, LLC (“RetailStat”), does not control and unless indicated is not verified. Its contents are not to be divulged. RetailStat, its principals, and writers do not guarantee the accuracy, completeness or timeliness of the information provided nor do they assume responsibility for failure to report any matter omitted or withheld because of their negligence.
