Party City to Sell Mexican Party Supply Unit for $5.4 Million

Party City Holdco Inc. asked for bankruptcy court authorization to sell its equity in Granmark, S.A. de C.V. for $5.4 million, after paying $22 million in 2017 for a controlling stake in the Mexico-based party supply company.

The proposed sale of Granmark to Impulsora Euro, S.A. de C.V. and Articulos Creativos de México, S.A. de C.V. will enable Party City “to obtain the most competitive price available” for its non-bankrupt subsidiary, the retailer said in a March 31 filing with the US Bankruptcy Court for the Southern District of Texas.

Party City announced six years ago it had acquired an ...