Thursday, March 12, 2020

Party City swings to Q4 loss; names new CEO

Chain Store Age
Party City Holdco Inc. announced that CEO Jim Harrison will be transitioning to the new role of vice chairman effective April 1, 2020, and will continue to serve as a director of the company. Succeeding him as CEO will be Brad Weston who has served as president of PCHI and CEO of the Party City Retail Group since July 2019. Weston has also been appointed to the company’s board.

Party City reported a net loss of $501.2 million, or $2.88 per share, for the period ended Dec. 31. Compared to income of $88.5 million, or $1.02 per share, in the year-ago period.

Revenue fell to $731.6 million from $805.6 million, below analysts’ forecasts of $749.0 million. Same-store sales fell 5.1%, more than expected.. . . more