Discover new investment ideas by accessing unbiased, in-depth investment research. Bradley Morgan Weston. Todd E. Denise M. Sean C. Chief Commercial Officer. Reginald M. The headquarters of the company is based in Route 10 East.
The pin code is Party City is an American company that focuses on providing various types of party supplies to its customers in the USA. The company currently has its presence in almost over locations, as of the year Also, the number of employees working in the company is more than 10, The primary services provided by the company include allowing customers and clients to obtain various kinds of party supplies and halloween costumes, that are marketed and sold by the company itself.
Hi I ordered Balloons for my business grand opening. Half of them were popped and deflated upon arrival. I consider this a blatant disregard for the health of their community. Party City also opened 42 franchise stores with one closing in , bringing the total number of units in the Party City chain to Also in Mandell hired a chief financial officer: David Lauber, a seasoned executive with Mother's Stores, a store chain specializing in maternity and children's clothing.
Mandell now talked about a chain of 1, stores and made plans to fuel further expansion by taking the company public, a move welcomed by a number of investors who saw Party City as a possible "category killer"--the huge store phenomena spawned by Toys 'R' Us and emulated by other retailers including Office Depot and Home Depot.
Like these other retailers, Party City had the potential to leverage its size to gain discounts from suppliers that would allow it to stock an even greater selection of goods at lower prices than those of its competitors.
Children's birthday parties were a significant engine of growth for the category, as expressed in an Business Week overview of the party-goods superstore: "Boomer parents with fewer kids, longer working hours, and a hefty dose of parental guilt have spawned party mania. In March Party City completed its initial public offering, selling 1.
In addition, Mandell and another top executive each sold , shares. By the end of the chain reached the mark in units with the opening of 20 company-owned and 32 franchised stores. Party City continued its high-flying ways in , opening 57 company-owned stores, as well as purchasing 24 outlets from franchisees or affiliates, including all of the stores owned by Mandell.
Business was so strong that the company declared a 3-for-2 stock split at the end of the year. Then concerns set in when the company failed to meet third quarter projections. Nevertheless, Mandell persevered. By the end of the year Party City had launched another 69 company-owned stores and acquired 22 units from franchisees, while another 15 franchise units were also opened. Mandell was now indicating that Party City planned to open another company-owned stores in and that he was now thinking in terms of building a 1,store chain in the near future, but behind the scenes Party City was having trouble handling its rapid growth.
A worsening situation came to a head in March when the company announced that it was unable to conduct a year-end inventory of its stores or complete its audit, and was therefore unable to comply with SEC filing regulations. Management blamed the failure on turnover in the finance department, which prevented the company from installing a new inventory tracking system made necessary by its rapid growth.
During these first four years of operation, Mandell refined the Party City concept, including store design, product mix, choice of suppliers, and the implementation of systems. With a successful store model in hand, Mandell in late decided to de-emphasize franchising in favor of opening company-owned stores, which would generate greater returns for the corporation than it could receive on fees and royalties from franchised outlets, as well as allow Mandell to better control the destiny of Party City.
While franchisees might maintain a tighter control on inventory, Mandell was insistent that company-owned units would be amply stocked with a wide range of merchandise. In , Party City launched an e-commerce website at PartyCity.
The stores will operate through the conclusion of the holiday season. The decision was meant to capitalize upon the closure of the U.
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