In Business: Pottstown Party City to Close, Report Says

In this edition of local business news, the Party City chain is reportedly preparing to close Philadelphia area stores, including one at Upland Square in Pottstown. Westover Companies, an investor in local apartments, bought a real estate portfolio in New York City.

Report: Party City in Pottstown May Close by February

POTTSTOWN PA – A lease for the Party City store in the Upland Square Shopping Center is one of that chain’s 17 greater Philadelphia area property agreements being put up for sale, the Philadelphia Business Journal reports.

Reporter Paul Schwedelson, in the Journal’s Monday (Dec. 30, 2024) edition, writes that the lease sales are part of the party supply retailer’s preparations to close all its stores early in 2025. The chain “cited financial difficulties for its decision to cease operations after four decades in business,” according to the article.

Nearly 700 Party City leases are said to be for sale nationwide. A&G Real Estate Partners, representing the company, is likely to work with a February bid deadline and auction date for the lease dispositions.

The Journal story indicates that, in addition to the Upland Square site, others among the 17 include three in Philadelphia, two each in Montgomery and Bucks counties, one each in Chester and Delaware counties, six in New Jersey, and one in the state of Delaware.

Schwedelson noted Party City had filed for Chapter 11 bankruptcy protection in January 2023, after encountering “supply chain problems and faltering brick-and-mortar sales.”

January 2022 photo of Party City at Upland Square by Chris Reece from Google Maps
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Local Apartments Investor Westover Buys NY Properties

KING OF PRUSSIA – Westover Companies, a King of Prussia-based owner of apartment properties in the Philadelphia suburbs and elsewhere, is expanding its presence in New York City, PincusCo Media LLC reported Monday (Dec. 30).

Locally, Westover already holds investments in the Phoenixville, King of Prussia, Exton, and Reading areas. On Monday it reportedly bought a multi-family real estate portfolio in Manhattan’s Chelsea neighborhood from a New York firm for $94.5 million.

Westover is said to own about 15,000 apartments across 70 properties in Pennsylvania, New York, New Jersey, Delaware, Maryland, and Florida.