Party City Announces Appointment of Brad Weston as President of Party City Holdco Inc. and Chief Executive Officer of Party C...
July 17 2019 - 9:20AM
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 CityParty 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.
Forward-Looking Statements 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.
ContactsInvestor Relations ICR Farah Soi and
Rachel Schacter 203-682-8200 InvestorRelations@partycity.com
Media Relations ICR Brittany Fraser and Jim Furrer 203-682-8200
PartyCityPR@icrinc.com
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