ELMSFORD, N.Y, July 17, 2019 (GLOBE NEWSWIRE) -- Party City Holdco Inc. (NYSE:PRTY) today announced that Brad Weston has been appointed as President of Party City Holdco Inc. (“PCHI”) and Chief Executive Officer of Party City Retail Group, effective July 25, 2019. In this newly formed role, Mr. Weston will report directly to James M. Harrison, Chief Executive Officer of PCHI.
As President of PCHI, Mr. Weston will play a key role in driving the Company’s strategic growth initiatives across its vertically integrated business. And as CEO of Party City Retail Group, Mr. Weston will lead all aspects of the Company’s retail operations, replacing Ryan Vero who left in early July.
Mr. Weston most recently served as Chief Executive Officer at Petco, where he held several leadership positions of increasing responsibility from 2011 to 2018. During his tenure at Petco, the company grew more than 50 percent and increased market share in the fast growing pet sector. Brad led the strategic development and launch of the company’s omni-channel platform, and designed the company’s private brand product vision that drove Petco store, wholesale and international growth. Prior to that, Mr. Weston was Chief Merchandising Officer at Dick’s Sporting Goods, where his strategic initiatives across product content and in-store experiences delivered record earnings and significant same–store sales growth. He has also developed exclusive licenses with world-class brands in the industry. Mr. Weston currently serves on the Board of Directors of Boot Barn.
Mr. Harrison stated, “We are thrilled to have Brad join our team, as he is a well-respected and innovative leader with deep experience across large-scale specialty retail operations. We believe Brad’s expertise is perfectly suited for this dynamic new role, where his responsibilities will include both leading our retail business, as well as working with our senior team in managing and gaining insights into the integrated wholesale business. With Brad on board, we remain fully committed to continuing our focus on executing against our growth initiatives across retail, e-commerce and wholesale, as we look to continuously improve the shopping experience for our consumers and position our Company for long-term sustainable growth.”
Mr. Weston added, “I am very excited to join Party City, which is renowned for its strong retail and wholesale platform and integrated vertical model. I look forward to working with Jim and the rest of the Party City management team to help the entire Company execute on its strategic initiatives.”
About Party City
Party City Holdco Inc. is the leading party goods company by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. The Company is a popular one-stop shopping destination for party supplies, balloons, and costumes. In addition to being a great retail brand, the Company is a global, world-class organization that combines state-of-the-art manufacturing and sourcing operations, and sophisticated wholesale operations complemented by a multi-channel retailing strategy and e-commerce retail operations. The Company is the leading player in its category, vertically integrated and unique in its breadth and depth. Party City Holdco designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include over 900 specialty retail party supply stores (including franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Party City’s expectations regarding benefits from the potential entry into a supply agreement with a helium supplier and from supply chain investments and anticipated fiscal 2019 financial and operating results. The forward-looking statements contained in this press release are based on management's good-faith belief and reasonable judgment based on current information, and these statements are qualified by important risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those forecasted or indicated by such forward-looking statements. These risks and uncertainties include: our ability to compete effectively in a competitive industry; fluctuations in commodity prices; our ability to appropriately respond to changing merchandise trends and consumer preferences; successful implementation of our store growth strategy; decreases in our Halloween sales; the impact of helium shortages on our financial performance; disruption to the transportation system or increases in transportation costs; product recalls or product liability; economic slowdown affecting consumer spending and general economic conditions; loss or actions of third party vendors and loss of the right to use licensed material; disruptions at our manufacturing facilities; and the additional risks and uncertainties set forth in “Risk Factors” in Party City’s Annual Report on Form 10-K for the year ended December 31, 2018 and in subsequent reports filed with or furnished to the Securities and Exchange Commission. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as may be required by any applicable laws, Party City assumes no obligation to publicly update or revise such forward-looking statements, which are made as of the date hereof or the earlier date specified herein, whether as a result of new information, future developments or otherwise.
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