Harmon acquires bankrupt Party City lease in Route 202 shopping center in Bridgewater
BRIDGEWATER – Harmon Retail Holdings has acquired in an auction the lease that bankrupt Party City has at the Bridgewater Towne Center on Route 202.
As part of its bankruptcy proceedings, Party City, based in Woodcliff Lake, placed leases up for bid to satisfy its debtors. The store filed for bankruptcy on Dec. 21 after already emerging from a previous bankruptcy in 2023 with about $1 billion less in debt.
Harmon Retail Holdings bid $50,191 for the lease at the same shopping center as Wegmans and Home Depot. Bridgewater recently approved a plan for a Chick-fil-A in the vacant Ruby Tuesday’s on the property.
Harmon closed its store in the Somerville Circle Shopping Center in Raritan in early 2023 and was replaced by DXL Big and Tall.
Harmon Retail Holdings agreed to buy the Harmon brand in the bankruptcy proceedings of Bed, Bath and Beyond.
Barnes & Noble was the successful bidder for Party City’s lease at 1255 Raritan Road in Clark for $81,129. Barnes & Noble closed its nearby Clark location on Central Avenue in 2022.
Dollar Tree was the only bidder of Party City’s lease on Route 202 in Kenilworth.
At its peak, Party City, the company operated more than 800 stores in the United States.
But Party City faced financial challenges in recent years, including inflation, reduced consumer spending, and competition from online retailers.
In addition, a global helium shortage deflated the company’s balloon sales, one of its primary sources of revenue.
Party City leases in East Brunswick, Princeton, Watchung and Woodbridge were not included in the auction, according to court records.
Party City in the Hadley Center in South Plainfield has remained open.
Fernando Cervantes Jr. of USA Today and Daniel Munoz of NorthJersey.com contributed to this article.
Email: mdeak@MyCentralJersey.com
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