Company Overview of Party City Holdings Inc.
Party City Holdings Inc., through its subsidiaries, designs, manufactures, contracts for manufacture, and distributes party goods. It offers a selection of decorated party goods with approximately 40,000 SKUs that range from paper and plastic tableware, decorations, and metallic and latex balloons, novelties, accessories, costumes, stationery, and gifts for everyday, themed, and seasonal events. The company also distributes its products to company-owned and franchised retail stores, other party goods retailers, dollar stores, mass merchants, independent card and gift stores, and other retailers and distributors. In addition, it operates specialty retail supply stores in the United States and...
80 Grasslands Road
Elmsford, NY 10523
Founded in 1947
Key Executives for Party City Holdings Inc.
Executive Chairman and Director
Chief Financial Officer and Principal Accounting Officer
Director of Internal Audit
Compensation as of Fiscal Year 2014.
Party City Holdings Inc. Key Developments
Party City Holdings Inc. Reports Retail Sales Results for the Five-Week Halloween Season Ended November 1, 2014
Nov 12 14
Party City Holdings Inc. reported retail sales results for the five-week Halloween season ended November 1, 2014. Retail sales for the five-week period ended November 1, 2014 totaled $432 million and were $37 million or 9.3% higher than retail sales for the five-week period ended November 2, 2013. During the five-week Halloween season of 2014, the Party City brand comp (including domestic and Canadian e-commerce sales and all non-temporary company-owned stores operated by Party City during both the 2014 and 2013 Halloween seasons) experienced an 8.3% increase. The e-commerce sales included in brand comp increased by 12.8% compared to the 2013 Halloween selling season. In addition, average sales per temporary Halloween City store increased by 13.8% compared to the average during the 2013 five-week Halloween selling season.
Party City Holdings Inc. Promotes Gregg A. Melnick as President
Oct 3 14
Party City Holdings Inc. has promoted Mr. Gregg A. Melnick, to the position of President of company effective immediately. Since March 2011, Mr. Melnick has been the President of the Party City Retail Group. From May 2010 to February 2011, Mr. Melnick was the President of Party City Corporation. Previously, he was the Chief Operating Officer of Party City Corporation from October 2007 to April 2010.
Party City Holdings Inc. and Party City Corporation Announces Second Amendment to Term Loan Credit Agreement
Feb 28 14
Party City Holdings Inc. and Party City Corporation modified the Borrowers' Term Loan Credit Agreement by entering into the Second Amendment to Term Loan Credit Agreement, which amends the Term Loan Credit Agreement, dated as of July 27, 2012 by and among the Borrowers, PC Intermediate Holdings Inc. Deutsche Bank Trust Company Americas, as administrative agent, the various lenders party thereto and the other agents. The Second Amendment replaces loans outstanding under the Credit Agreement immediately prior to the Second Amendment Effective Date with a new class of term loans in an aggregate principal amount of $1,111 million. The Amended Credit Agreement provides for a reduction in the applicable margins of all term loans. The applicable margin for ABR borrowings was lowered from 2.25% to 2.00%, and the applicable margin for LIBOR borrowings was lowered from 3.25% to 3.00%. The Amended Credit Agreement provides for two pricing options are an ABR for any day, a rate per annum equal to the greater of Deutsche Bank's prime rate in effect on such day, the federal funds effective rate in effect on such day plus 0.5%, the adjusted LIBOR rate plus 1% and 2.00% or the LIBOR rate, adjusted for certain additional costs, with a LIBOR floor of 1.00%, in each case plus the applicable margin. The Amended Credit Agreement provides for a soft call option, whereby the Borrowers will pay a 1.00% premium on the outstanding principal amount of New Term Loans prepaid, refinanced, substituted or otherwise replaced, or the terms of which are amended, in connection with certain repricing transactions occurring on or prior to the date that is six months after the Second Amendment Effective Date. Otherwise, the term loans may be voluntarily prepaid at any time without premium or penalty, other than customary breakage costs with respect to loans based on the LIBOR rate. Except for those terms described herein, the other terms of Credit Agreement, as amended, have not changed materially, including the maturity date, installment payments, guarantees and pledges of security, affirmative and negative covenants, and events of default.
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