Iparty (AMEX:IPT)
Historical Stock Chart
From Aug 2019 to Aug 2024
![Click Here for more Iparty Charts. Click Here for more Iparty Charts.](/p.php?pid=staticchart&s=A%5EIPT&p=8&t=15)
iParty Corp. (AMEX: IPT - news), a party goods retailer that operates 50
iParty retail stores, today reported that it has completed the
acquisition of two retail party goods stores in Lincoln, Rhode Island
and Warwick, Rhode Island, previously operated as Party City franchise
stores. The purchase price for the two stores was $1,350,000, plus
approximately $195,000 for associated inventory, paid in cash to the
selling group.
The Lincoln store is located in the Lincoln Mall, a regional shopping
center located on George Washington Highway in Lincoln, Rhode Island.
The Warwick store is located in the Cowessett Corners Shopping Center on
Quaker Lane in Warwick, Rhode Island. Both locations were converted into
iParty stores immediately following the closing.
The purchase agreement also provides that the sellers and their
affiliates will not compete with iParty in Rhode Island for a period of
five years, nor at locations proximate to iParty stores in New England
for a period of three years, subject to terms and conditions set forth
in the agreement.
Sal Perisano, Chairman and Chief Executive Officer of iParty Corp.,
commented, “Acquiring these two stores is
consistent with iParty’s plan to continue to
rationalize the New England market. The new Lincoln, RI location will
benefit from the closing of our nearby store in North Providence. The
new Warwick, RI location gives us an entry into a strong market not
previously served by iParty. Also, as previously announced, we have
closed our store in Auburn, MA at its lease expiration and this will
benefit nearby iParty stores in Central Massachusetts. We believe these
moves will improve our already strong position in our core market.”
About iParty Corp.
Headquartered in Dedham, Massachusetts, iParty Corp. (AMEX: IPT - news)
is a party goods retailer that operates 50 iParty retail stores and
licenses the operation of an Internet site for party goods and party
planning at www.iparty.com. iParty’s
aim is to make throwing a successful event both stress-free and fun.
With over 20,000 party supplies and costumes and an online party
magazine and party-related content, iParty offers consumers a
sophisticated, yet fun and easy-to-use, resource with an extensive
assortment of products to customize any party, including birthday
bashes, Easter get-togethers, graduation parties, summer barbecues, and,
of course, Halloween. iParty aims to offer reliable, time-tested
knowledge of party-perfect trends, and superior customer service to
ensure convenient and comprehensive merchandise selections for every
occasion. Please visit our site at www.iparty.com.
Safe harbor statement under the Private Securities Litigation Reform Act
of 1995: This release contains forward-looking statements that are based
on our current expectations, beliefs, assumptions, estimates, forecasts
and projections, including those about better business terms, future
expectations of sales growth, improved gross margins, profitability, the
ability to take advantage of business opportunities, and the industry
and markets in which iParty operates. The statements contained in this
release are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what
is expressed in such forward-looking statements, and such statements
should not be relied upon as representing iParty’s
expectations or beliefs as of any date subsequent to the date of this
press release. Important factors that may affect future operating
results include, but are not limited to, economic and other developments
such as unseasonable weather, that affect consumer confidence or
consumer spending patterns, particularly those impacting the New England
region, where 45 of our 50 stores are located, and particularly during
the Halloween season, which is our single most important season; intense
competition from other party supply stores and stores that merchandise
and market party supplies, including big discount retailers, dollar
store chains, and temporary Halloween merchandisers; the failure of any
of our systems, including, without limitation, our point-of-sale system
and our existing merchandise management system, the latter of which was
developed by a vendor who is no longer in business; the success or
failure of our efforts to implement our business growth and marketing
strategies; our inability to obtain additional financing, if required,
on terms and conditions acceptable to us; rising oil and gas prices
which impact prices of petroleum-based/plastic products, which are a key
raw material in much of our merchandise, affect our freight costs and
those of our suppliers, and affect consumer confidence and spending
patterns; third-party suppliers’ failure to
fulfill their obligations to us; the availability of retail store space
on reasonable lease terms; compliance with evolving federal securities,
accounting, and stock exchange rules and regulations applicable to
publicly-traded companies listed on the American Stock Exchange. For a
discussion of these and other risks and uncertainties which could cause
actual results to differ from those contained in the forward-looking
statements, see Item 1A, “Risk Factors”
of iParty’s most recently filed Annual Report
on Form 10-K for the fiscal year ended December 30, 2006 and iParty’s
most recently filed Quarterly Report on Form 10-Q.