Latest news with #PartyCity
Yahoo
17 hours ago
- Business
- Yahoo
Discount chain Five Below has plans for first Pierce County store. Here are details
At least one Pierce County location for a departed retailer appears to be coming back to life with a chain making its entrance into the Washington market. Representatives for Philadelphia-based Five Below have filed initial plans with Pierce County for a new store at the former Party City at 10408 156th St. E. in Sunrise Village in the South Hill area. It would be the first Pierce County store for the chain, and its other planned stores in the state also would be its first Washington locations. A media representative for the chain told The News Tribune via email in response to questions Monday that the location 'is slated to open in November.' Puget Sound Business Journal first reported on the new Washington stores May 30. Five Below specializes in discount goods for pre-teens and teens (toys, tech, apparel and more), with most items priced between $1 and $5. In an early May news release, Five Below stated it expected to open '55 new stores in the first quarter, compared to the prior guidance of approximately 50 new stores.' Plans filed May 7 with Pierce County called for a tenant improvement of the site. The plans were sent back later in the month, with the county requiring proof of property owner consent and more details on mechanical/plumbing work. In fall 2023, Daiso, a dollar store that specializes in Japanese goods, opened next door to the site. In February, Five Below and Dollar Tree took 44 and 148 of the former Party City leases respectively nationwide as part of Party City's bankruptcy, commercial real estate analyst CoStar reported in February. The Sunrise Village site was among those on the Five Below lease list included in a court filing submitted in February in U.S. Bankruptcy Court for the Southern District of Texas, Houston division. Party City announced in December it was closing all of its stores, which included 16 in Washington state. Other Five Below locations going into former Party City sites in Washington include Everett, Lynnwood, Federal Way, Union Gap, Richland and Spokane Valley, according to the court filing's list. In Oregon, Five Below appears to be opening its first store in that state in Beaverton. Five Below operates more than 1,800 stores in more than 40 states. This region is one of the last ones in the nation without a store: California has 150, according to its website, while New York state has 119 and Texas has 176.
Yahoo
3 days ago
- Business
- Yahoo
As Joann stores finally close today, the internet grieves the beloved fabric, arts and crafts haven
Joann, the beloved fabrics, arts, and crafts retailer, is finally shutting its doors for good after a long, slow goodbye. Walgreens buyout could change the future of pharmacy care Sellers or buyers housing market? Zillow's analysis for 250 metros Spicy AI-generated TACO memes are taking over social media because 'Trump always chickens out' While many of its 800 stores have already been shuttered since the company filed for bankruptcy (yet again) in January, the last 444 Joann stores (yes, you read that right) will finally shut their doors on Friday, May 30, according to Joann's website. As Fast Company previously reported, the popular fabrics and crafts supplier announced earlier this year that it would close all its U.S. locations after it filed for bankruptcy in January 2025, marking the second time Joann declared bankruptcy in less than a year. It also laid off all 19,000 workers, including more than 15,000 part-time store associates. Like many brick-and-mortar retailers that have filed for bankruptcy, including Party City and Forever 21, Joann faced declining sales and foot traffic since the COVID-19 pandemic, as more Americans shop online and curb spending due to higher prices, the soaring cost of living, inflation, and President Donald Trump's on-again, off-again tariff wars. From TikTok and Reddit to Instagram and Facebook, customers have been taking to social media, posting tearfully and nostalgically about time they spent in the store. Some even shared 'last haul' videos of what they bought in the store's final days. On Reddit, nostalgic customers and workers posted multiple threads saying 'goodbye' to individual stores. Some featured photos of the shuttered front door, like this one—which read: 'RIP Joann 1943-2025. Died due to private equity and corporate greed'—lamenting the end of 80 years in business. (More on the private equity aspect below.) Meanwhile, on TikTok, one woman with tears in her eyes posted: 'Y'all I really can't believe but I just really had a moment, Joann is f—-ing closing. It's so unfortunate.' By the 1990s, Joann (once known as Jo-Ann Fabrics) became the largest fabric and crafts retail superstore in the U.S., and was taken private in 2011 by Leonard Green & Partners, a private equity firm, for around $1.6 billion. Then, a decade later, it went public again as the COVID-19 pandemic fueled an uptick in crafting, Fast Company previously reported. However, like for many brick-and-mortar retailers, profits began to decline after the pandemic, leaving the company with $616 million in reported debt obligations when it filed for Chapter 11 bankruptcy in January. Some critics and customers blame Joann's demise on private equity, which has increasingly been at the helm of large-scale business restructurings and closings, and been accused of stripping companies for parts instead of bringing them back to profitability. However, many experts have said it's not that simple, and Joann's failure is based on a mix of factors that go into the current economics of U.S. retail conditions. A look at the numbers shows Joann last reported revenue of $539.80 million for its third quarter of fiscal year 2024 ending October 28, 2023, which was a decrease of 4.09%. That brought revenue in the last 12 months up to that date to $2.16 billion, down 4.20% year over year. In the fiscal year ending January 28, 2023, Joann had an annual revenue of $2.22 billion. Its last reported market cap was $3.20 million. This post originally appeared at to get the Fast Company newsletter:
Buzz Feed
7 days ago
- Entertainment
- Buzz Feed
Spencer Pratt Defends Heidi Montag's AMAs Wig
Spencer Pratt is defending his wife, Heidi Montag, amid criticism of her recent look at the American Music Awards. If you missed it, Heidi stepped out at the AMAs earlier this week wearing a striking blue, sparkly outfit and a short, blonde wig. The hairstyle quickly garnered criticism, with several internet users calling Heidi 'unrecognizable' and questioning why she didn't rock her natural hair instead. Here's a close-up photo: 'I can guarantee, no matter what her actual hair looks like, it looks better than that wig,' one popular Reddit comment said. 'Why does she look like a cosplay of Tori Spelling,' someone else added. Before long, Heidi's wig became headline news among several outlets, with Page Six publishing an article titled, 'Heidi Montag dragged for wearing 'world's worst' wig to AMAs 2025: 'From Party City.'' Now, Spencer — who has been married to Heidi since 2009 — is addressing the criticism head-on. Taking to TikTok, Spencer shared a screenshot of the aforementioned Page Six article and said, 'A lot of people loved the wig, a lot of people didn't love it so much. But you know what, we're very thankful to be at the American Music Awards and having anyone talking about Heidi's hair. What a blessing.' He then added, 'In the future, if Heidi were to do another wig, hopefully we'll have Beyoncé money one day, 'cause I've learned a lot about wigs. A really nice wig is $20,000. We don't have a $20,000 wig budget. So it's a cute little wig for the money we can afford for a wig. It was just supposed to be a fun little, 'Oh look at the wig.' And it worked, I guess!' Spencer also took to Instagram to address 'the wig haters,' encouraging people to preorder Heidi's upcoming album, HEIDIWOOD, so that they can spend more money on her wigs. 'for the wig haters please pre order HEIDIWOOD now so that future wigs have more budget,' he wrote. Fair play, Spencer.
Yahoo
13-05-2025
- Business
- Yahoo
Michaels deepens assortment of baking and entertaining products
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. As it works to capture share left from the bankruptcies of major craft and party retailers, Michaels has launched over 700 cooking, baking and entertaining items, according to a company press release Thursday. The exclusive private label products include Makery, a line of bakeware, kitchen tools and decorating items; and Ashland Kitchen, functional pieces including cake stands, mini timers, charcuterie boards and ceramic measuring cups. In addition, Sweet Street and Bakell have expanded their assortment mix in Michaels. Available now in-store and online, the new Michaels items start at $1.99, per a company spokesperson. Michaels is working to capture market share left by other major retailers that have filed for bankruptcy in recent months. Craft retailer Joann filed for bankruptcy protection twice in one year before shutting down its business, and Party City closed all stores and went out of business last year following two stints of Chapter 11 proceedings. According to a February Numerator survey about the closing of Joann, 74% of respondents said they would switch their purchases of similar craft items to either Michaels or Hobby Lobby. 'One of the biggest problems with Joann was the extensive amount of debt the company had,' Neil Saunders, GlobalData Managing Director said in an email. 'Michaels does not suffer from that issue, so it has a more stable business. In commercial terms, Michaels has a much stickier proposition in that it plays across all craft categories and dabbles in home decor, toys, and occasions. This gives consumers a lot of reasons to visit. Joann had a narrower, more specialist offer.' Michaels was a back-up bidder to purchase the IP of Party City in February, which ended up in the hands of New Amscan, an affiliate producer of Ad Populum. As both Party City and Joann fade, Michaels has upped its inventory of balloons and other party supplies. The crafts retailer has also increased in-store events for kids and adults, including birthday parties and private events. 'It is very sensible of Michaels to try and win over customers from failed chains like Party City and Joann,' Saunders said. 'The customers of those retailers are there for the taking and, in some cases, there are few alternative retailers.' Last year S&P Global Ratings upgraded Michaels' corporate credit rating to B- from CCC+, citing improvement in its operating margin and cash generation in fiscal 2023.
CNBC
12-05-2025
- Business
- CNBC
Kimco Realty CEO details how shopping centers are changing: 'It's all about services'
In a Monday interview with CNBC's Jim Cramer, Kimco Realty CEO Conor Flynn described the changing business environment at shopping centers, saying "it's all about services" rather than just traditional retail storefronts. "Services is all about in person, all about the e-commerce resistant type use, and that's what's driving vacancy rates to all-time lows," he said, adding that service businesses are often related to health and wellness, like urgent care and veterinary facilities. There's more demand for shopping centers than there is supply, according to Flynn. He said that most Kimco shopping centers are dominated by a "grocery anchor," like Kings, Whole Foods, Sprouts, Trader Joes as well as TJX stores, which combine to hit "the sweet spot in retail." He added that 80% of his company's "new deal flow" is coming from service-oriented businesses. Flynn suggested vacancies are being offset by these more "resilient" businesses. He claimed Kimco has backfilled half of the vacancies caused by Party City's bankruptcy, with new tenants paying 40% more than what Party City paid. He also said Kimco's "watchlist" of tenants — ones with credit issues vulnerable to bankruptcy — is small. The pandemic helped to weed out those businesses, he added, as ones with poor models or bad balance sheets couldn't endure the economic climate. Flynn said new apartment developments make him positive about the future. The company has plans to turn parking lots at shopping centers into dwellings, he continued. As robotaxis and driverless cars gain popularity, Flynn said he expects municipalities' parking ratio requirements will decrease and make it possible to build on the lots. "That's where mixed use comes in to play," he said. "Retail enhances the apartments, apartments enhance the retail. It's a harmonious situation where they can drive traffic to each other." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest The CNBC Investing Club holds shares of TJX.
