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Company Overview & Strategy

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Party City is the leading party goods and Halloween specialty retailer by revenue in North America and, we believe, the world’s largest vertically integrated supplier of decorated party goods with multiple levers to drive future growth across channels, products and geographies.

Party City operates over 900 company-owned and franchise stores throughout North America. Our worldwide locations include our corporate headquarters in Elmsford, New York as well as locations throughout Asia, Europe, the Americas and Australia. The company also sells direct to customers through its e-commerce website, PartyCity.com.

We design, manufacture and distribute party goods found in over 40,000 retail outlets worldwide, including Party City stores as well as independent party supply stores, mass merchants, grocery retailers, dollar stores and others.

Through a series of acquisitions between 2005 and today, we have built a powerful retail operation that captures the full manufacturing-to-retail margin on a significant portion of the products sold in our stores. Our category-defining retail concept, multi-channel reach, widely recognized brands, broad and deep product offering, and low-cost global sourcing model are, we believe, significant competitive advantages which position us for continued organic and acquisition-led growth and margin expansion.

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      Stock Info

      Stock Quote

      Stock Quote: NYSE

      Party City

      NYSE:PRTY

      $5.96 -0.04 ( -0.67% ) September 20, 2019 04:08 PM Minimum 20 min delay
      Open 6.12
      Previous Close 6.00
      High 6.16
      Low 5.85
      Volume 4,370,486
      52-Week High 14.55
      52-Week Low 4.07

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      Analyst Coverage

      Firm Analyst
      BofA ML William Reuter
      BofA ML Curtis Nagle
      Credit Suisse Seth Sigman
      Goldman Sachs Christopher Prykull
      JP Morgan Tami Zakaria
      Morgan Stanley Simeon Gutman
      Stephens Rick Nelson
      Telsey Joe Feldman
      William Blair Daniel Hofkin

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      Contact Investor Relations

      ICR
      Farah Soi & Rachel Schacter
      203-682-8200
      investorrelations@partycity.com

      FAQ

      Where is the company’s corporate headquarters?

      80 Grasslands Road
      Elmsford, New York 10523

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      What are the locations that the company operates in?

      Party City is the leading party goods retailer in North America and operates the only coast-to-coast network of party superstores in the U.S., Canada and Puerto Rico with approximately 900 owned and franchised locations. Globally, our broad selection of decorated party supplies are available in more than 100 countries with the U.K., France, Germany and Australia among our largest markets outside of North America.

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      Who sits on the company’s BOD?

      You can view the biographies of the Party City Board of Directors here.

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      Who is on the company’s management team?

      You can view the biographies of the Party City management team here.

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      When was the company’s IPO and at what price?

      Party City made its Initial Public offering on 16 April 2015 on the New York Stock Exchange under the ticker symbol ‘PRTY’. The public offering price was $17.00 per share.

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      On what stock exchange(s) is the company traded and under what symbol?

      Party City is listed on the New York Stock Exchange under the symbol “PRTY”.

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      How can I purchase the company’s shares?

      Investments in shares of stock can be made through a registered broker or through our transfer agent, Computershare Trust Company. Computershare can be contacted at the following:

      Phone: (800) 942-5909
      Website: https://www-us.computershare.com/investor/Contact/Enquiry

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      Does the company pay a dividend on its stock?

      We do not pay dividends at this time.

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      Does the company have a direct stock purchase plan for employees of the company?

      We do not have any current plans to offer a direct stock purchase plan for employees.

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      What is the company’s CUSIP and ISIN?

      CUSIP: 702149105 ISIN: US7021491052

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      What is the company’s fiscal year end?

      The Company’s retail operations define a fiscal year (“Fiscal Year”) as the 52-week period or 53-week period ended on the Saturday nearest December 31st of each year, and define their fiscal quarters (“Fiscal Quarter”) as the four interim 13-week periods following the end of the previous Fiscal Year, except in the case of a 53-week Fiscal Year when the fourth Fiscal Quarter is extended to 14 weeks. The consolidated financial statements of the Company combine the Fiscal Year and Fiscal Quarters of the Company’s retail operations with the calendar year and calendar quarters of the Company’s wholesale operations, as the differences are not significant.

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      Who is the company’s Independent Registered Public Accounting Firm?

      Ernst & Young LLP.

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      Who is the company’s transfer agent?

      Computershare Trust Company, N.A.

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      How do I transfer stock, change the address on my shareholder account, or replace a lost stock certificate?

      Computershare Trust Company can be contacted at the following:

      Phone: (800) 942-5909
      Website: https://www-us.computershare.com/investor/Contact/Enquiry

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      Who should I contact regarding investor queries?

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      Where can I find all of the SEC filings for the company? Where can I download and view quarterly and annual reports?

      You can view all of Party City’s SEC filings here.

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      How do I get added to the company’s email distribution list?

      You can sign up for Party City’s Email Alerts by clicking here.

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      Where can I get information about franchise opportunities?

      Party City is not currently offering any franchise opportunities. However if you are interested in opening an independent party retail store, you may order products directly from our wholesale customer site at www.amscan.com.

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      Norman S. Matthews , , , Director and Chairman

      Norman S. Matthews has been a member of our Board since May 2013. Mr. Matthews has worked as an independent consultant and venture capitalist since 1989. From 1978 to 1988, Mr. Matthews served in various senior management positions for Federated Department Stores, Inc., including President from 1987 to 1988. Mr. Matthews currently serves on the board of directors of Spectrum Brands, Inc. (as Chairman of its nominating and governance committee) and as Chairman of the Board of The Children’s Place, Inc. Mr. Matthews is director emeritus of The Progressive Corporation, Sunoco, Inc., Toys ‘R’ Us, Inc. and Federated Department Stores, Inc., Henry Schein and a trustee emeritus at the American Museum of Natural History. In 2005, Mr. Matthews was named as one of eight outstanding directors by the Outstanding Directors Exchange (an annual award voted on by peer directors and awarded to an outstanding director for the key role he played during a crisis, business transformation or turnaround).

      James M. Harrison , , , Director and Chief Executive Officer

      James M. Harrison became our Chief Executive Officer in January 2014 and has served on our Board since July 2012. Mr. Harrison served as our President from December 1997 until January 2015. From March 2002 to July 2012, Mr. Harrison served as our Chief Operating Officer. From February 1997 to March 2002, Mr. Harrison also served as our Chief Financial Officer and Treasurer. From February 1997 to December 1997, Mr. Harrison served as our Secretary. Mr. Harrison holds a B.S. in accounting from Fordham University.

      Todd M. Abbrecht , , , Director

      Todd M. Abbrecht has been a member of our Board since July 2012. Mr. Abbrecht is a Managing Director and Head of Private Equity at THL, which he joined in 1992. Mr. Abbrecht previously served as Co-Head of the Consumer & Healthcare group at THL. Prior to joining THL, Mr. Abbrecht worked at Credit Suisse First Boston in its Mergers and Acquisitions Department. Mr. Abbrecht is a director of CSafe Global, Curo Health Services, Healthcare Staffing Services, Intermedix Corporation, PCI Pharma Services, Professional Physical Therapy and Syneos Health. His prior directorships include Affordable Residential Communities, Aramark, Dunkin’ Brands, Fogo de Chão, Michael Foods, National Waterworks, Simmons Bedding Company and Warner Chilcott. Mr. Abbrecht holds a B.S. in Economics from the University of Pennsylvania and an M.B.A. from Harvard Business School.

      Steven J. Collins , , , Director

      Steven J. Collins has been a member of our Board since July 2012. Mr. Collins was a Managing Director at Advent International Corporation (“Advent”) from 2007 to 2017. Mr. Collins joined Advent in 1995 and rejoined after graduate school in 2000. Mr. Collins is a member of the board of directors of Bojangles’ and Kirkland's. He was a member of the board of specialty retailers Five Below from 2010 to 2015 and lululemon athletica from 2014 to 2017. He holds a BA and BS from the University of Pennsylvania and The Wharton School, and an MBA from Harvard Business School.

      Jim Conroy , , , Director

      Mr. Conroy has served as the President, Chief Executive Officer and a Director of Boot Barn Holdings, Inc since 2012. Prior to joining Boot Barn, Mr. Conroy was with Claire’s Stores, Inc. from 2007 to 2012 where Mr. Conroy served as Chief Operating Officer and Interim Co Chief Executive Officer in 2012, President from 2009 to 2012 and Executive Vice President from 2007 to 2009. Before joining Claire’s Stores, Inc., Mr. Conroy was also employed by Blockbuster Entertainment Group from 1996 to 1998, Kurt Salmon Associates from 2003 to 2005 and Deloitte Consulting in various capacities. Mr. Conroy received a bachelor’s degree in business management and marketing and a master’s degree in business administration from Cornell University. We believe Mr. Conroy is qualified to serve on our board of directors because of his expertise in the strategic and operational aspects of the retail industry, which he has gained during his 26 years working in the industry.

      William S. Creekmuir , , , Director

      William S. Creekmuir has been a member of our Board since March 2016. Mr. Creekmuir is the owner and President of Pinnacle Search Partners, LLC (“Pinnacle”), a global executive search firm, and has served in that capacity since December 2015. Mr. Creekmuir served as an Executive Search Consultant of Pinnacle from January 2015 to November 2015. Since October 2017, Mr. Creekmuir is also a director and partial owner of Iconics Décor, LLC, a lighting manufacturer. Since January 2019, Mr. Creekmuir has been a director of Flexsteel Industries, Inc., a manufacturer, importer and marketer of furniture products and is also a member of its Audit and Ethics committee and Nominating and Governance committee. Since October 2011, Mr. Creekmuir has also served as an independent consultant, including with respect to Pinnacle and as the interim Chief Financial Officer of Sleep Innovations, Inc. from October 2013 until April 2014. Prior to his time as an independent consultant, Mr. Creekmuir served as Executive Vice President and Chief Financial Officer of Simmons Bedding Company from 2000 to 2011 and LADD Furniture, Inc. from 1992 to 2000. Prior to joining LADD Furniture, Inc., Mr. Creekmuir was a partner at KPMG LLP. He also serves on the boards of several for-profit and not-for-profit entities. He holds a BS in business administration from The University of North Carolina at Chapel Hill and he is a certified public accountant.

      John Frascotti , , , Director

      As President and Chief Operating Officer of Hasbro, Inc., John Frascotti leads a global organization focused on creating and delivering the world’s best play and entertainment experiences across Hasbro’s Brand Blueprint, including toys and games, immersive entertainment experiences, digital gaming and consumer products. Mr. Frascotti has been instrumental in leading Hasbro’s transformation from a traditional toy and game manufacturer into a global entertainment and play leader.

      Mr. Frascotti joined Hasbro in 2008 as Executive Vice President and Chief Marketing Officer, became President of Hasbro Brands in 2014, and became President of Hasbro in 2017. In 2018, he was also named Chief Operating Officer, and became a member of Hasbro’s Board of Directors.

      During his tenure, he has played a critical role in the re-imagination and re-invention of Hasbro’s world-class portfolio of Franchise Brands (TRANSFORMERS, NERF, MY LITTLE PONY, BABY ALIVE, MONOPOLY, MAGIC: THE GATHERING and PLAY-DOH) in addition to Hasbro’s Gaming Business, and its portfolio of Partner and Emerging Brands. His extensive expertise and leadership in brand building, digital marketing and media, omni-channel retail strategies, consumer products, licensing, acquisitions, entertainment and talent development have contributed to the transformation of Hasbro’s business globally and the successful formulation and execution of Hasbro’s global strategy.

      In addition to serving on Hasbro’s Board of Directors, Mr. Frascotti is a member of the Board of Directors of Corus Entertainment in Toronto, Canada, and a member of the Board of Directors of Discovery Family Channel, a joint venture between Hasbro and Discovery Communications. He also is the chairman of Hasbro’s IP Security Committee, a member of Hasbro’s Global Information Systems Steering Committee, and a Board Member of the Hasbro Children’s Fund.

      Mr. Frascotti was recognized by Forbes Magazine as one of top 5 most influential CMO's amongst the top 500 companies in Forbes Global 2000 Biggest Public Companies list. He is a member of the Board of Directors of the Serious Fun Children’s Network, a global network of camps for seriously ill children, and the Advisory Board of Newman’s Own, which provides high-level advice and assistance on strategic matters to both Newman’s Own Foundation and the food company, Newman’s Own, Inc.

      Before joining Hasbro, Mr. Frascotti served in several senior executive positions at Reebok International Ltd., including Senior Vice President of the Sport Division where he managed the company's largest global business segment, Senior Vice President of Acquisitions and Licensing, and Senior Vice President of Sports Marketing. He also served as President and COO of myteam.com. Mr. Frascotti began his career in entertainment law working at leading law firms including Mitchell, Silberberg & Knupp in Los Angeles and Palmer & Dodge in Boston.

      Mr. Frascotti received his BA in Economics from Yale, where he graduated Phi Beta Kappa and Summa Cum Laude, and his law degree, Cum Laude, from Harvard.

      Douglas A. Haber , , , Director

      Douglas A. Haber has been a member of our board of directors since April 2018. Mr. Haber is a Managing Director at THL, which he joined in 2006. Prior to joining THL, Mr. Haber worked at Goldman, Sachs & Co. in its Investment Banking Division’s Industrials and Natural Resources Group. Mr. Haber is currently a director of Art Van Furniture, Bargain Hunt, CTI Foods and Give and Go Prepared Foods Corp. His prior directorships include 1-800 Contacts and Fogo de Chão. Mr. Haber holds a B.A., summa cum laude, in Economics and History from Middlebury College and an M.B.A. from Harvard Business School.

      Lisa K. Klinger , , , Director

      Lisa K. Klinger has been a member of our Board since June 2015. Ms. Klinger is the Chief Financial and Administrative Officer for Ideal Image Development Corporation. From June 2016 through December 2017, Ms. Klinger served as Chief Financial and Administrative Officer for Peloton Interactive, Inc. Ms. Klinger also served as Chief Financial Officer and Treasurer for Vince Holding Corp. from December 2012 through June 2015 and Chief Financial Officer and Treasurer of Kellwood Holding Corp. from December 2012 until November 2013, prior to the Vince Holding Corp. initial public offering and related restructuring transactions. Previously, Ms. Klinger served as Executive Vice President and Chief Financial Officer of The Fresh Market, Inc., a specialty food retailer, from 2009 until 2012. Prior to that, Ms. Klinger served as interim Chief Financial Officer of Michael’s Stores during 2008 and Senior Vice President of Finance and Treasurer from 2005 to 2009. Ms. Klinger previously served as Assistant Treasurer at Limited Brands from 2000 to 2005. She holds a B.S.B.A. from Bowling Green State University.

      Michelle Millstone-Shroff , , , Director

      Michelle Millstone-Shroff has been a member of our board of directors since February 2019. Ms. Millstone-Shroff most recently served as the President and Chief Operating Officer of buybuy Baby, the nation’s leading retailer of items for infants and toddlers, and Chief Customer Experience Officer of Bed Bath & Beyond, Inc. During her fifteen years at Bed Bath & Beyond, Inc., Ms. Millstone-Shroff also served in a variety of senior roles in strategy and business development. Earlier in her career, she worked at McKinsey & Company, with a focus on retail- and consumer-oriented companies. Ms. Millstone-Shroff is a graduate of Harvard Business School, where she earned a Master in Business Administration with distinction, and the University of Pennsylvania, where she earned a dual B.S. summa cum laude in strategic management from The Wharton School and a B.A. in psychology summa cum laude from The College of Arts & Sciences.

      Morry J. Weiss , , , Director

      Morry J. Weiss has been a member of our Board since June 2015. Mr. Weiss serves on the Board of American Greetings Corporation and was formerly the Chairman of such Board, where he worked for over 50 years, serving in positions that include President, Chief Executive Officer, and Chief Operating Officer. He also serves on the board of directors of Cleveland Clinic. Mr. Weiss served as a director of National City Corporation (a publicly-held financial holding company) from 1991 until its sale in 2008. Mr. Weiss attended Wayne State University and earned a BA in Liberal Arts from Case Western Reserve University.

      James M. Harrison , , , Director and Chief Executive Officer

      James M. Harrison became our Chief Executive Officer in January 2014 and has served on our Board since July 2012. Mr. Harrison served as our President from December 1997 until January 2015. From March 2002 to July 2012, Mr. Harrison served as our Chief Operating Officer. From February 1997 to March 2002, Mr. Harrison also served as our Chief Financial Officer and Treasurer. From February 1997 to December 1997, Mr. Harrison served as our Secretary. Mr. Harrison holds a B.S. in accounting from Fordham University.

      Michael A. Correale , , , Interim Chief Financial Officer

      Michael A. Correale became our Interim Chief Financial Officer in March 2019 and has served as the Company’s Chief Accounting Officer since August 2016, as our Chief Financial Officer from March 2002 to August 2016, and Vice President—Finance, from May 1997 to March 2002. Prior to joining the Company, Mr. Correale was the Director of Financial Reporting for Ultramar Corporation and also worked for Ernst & Young LLP.

      Brad Weston , , , President of Party City Holdco Inc. and Chief Executive Officer of Party City Retail Group

      Brad Weston became our President of Party City Holdco Inc. and Chief Executive Officer of Party City Retail Group in July 2019. Mr. Weston served as the President and Chief Executive Officer of Petco Holdings Inc. (“Petco”) from January 2017 through June 2018. Previously, he served in a number of other roles at Petco, holding the position of President and Chief Merchandising Officer from June 2015 to January 2018 and earlier as Executive Vice President and Chief Merchandising Officer from 2012 through June 2015. Prior to joining Petco, Mr. Weston spent five years in a variety of roles at Dick’s Sporting Goods, most recently as Chief Merchandising Officer. Mr. Weston started his career at May Department Stores, where he held numerous roles of increasing responsibility from 1988 through 2006. Mr. Weston currently serves on the board of directors of Boot Barn Holdings, Inc. and the National Retail Federation. Mr. Weston holds a bachelor of science degree in business administration from the University of California, Berkeley.

      Michael P. Harrison , , , Senior Vice President and General Manager – North American Consumer Products Group

      Michael P. Harrison became our Senior Vice President and General Manager of the North American Consumer Products Group in 2017, which oversees the Company’s manufacturing, US wholesale, and Asian operations. From 2014 to 2017, Mr. Harrison served as Vice President and General Manager of Amscan, where he oversaw the Company’s US wholesale and Asian operations. From 2010 to 2014, Mr. Harrison served as Vice President of Operations of Amscan. Mr. Harrison joined the company in 2007 as a Senior Financial Analyst in the Amscan Division. Prior to joining the Company, Mr. Harrison spent six years at FactSet Research Systems, which is a provider of financial information and analytical software to investment professionals. Mr. Harrison is a graduate of Hamilton College and holds an MBA from NYU’s Stern School of Business.

      Board of Directors/Officers Audit Committee Corporate Governance Committee Compensation Committee
      Abbrecht, Todd
      Collins, Steve
      Creekmuir, Bill
      Haber, Doug
      Klinger, Lisa
      Matthews, Norm
      Millstone-Shroff, Michelle
      Weiss, Morry
        =   Committee Member   =   Committee Chair

      Party City is committed to ensuring that the views of stockholders and other interested parties are heard by the board of directors or individual directors, as applicable, and that appropriate responses are provided to stockholders in a timely manner. Stockholders and other interested parties may communicate with any of the directors by sending a letter to the director, c/o Secretary, Party City Holdco Inc., 80 Grasslands Road, Elmsford, New York 10523. All such letters will be promptly forwarded to the respective director by the Secretary.

      In addition to regular meetings of the board of directors, Party City’s non-management directors meet in executive sessions without management participation. The board of directors has not formally selected a director to preside over the executive sessions of the non-management directors. Instead, at each executive session, the non-management directors designate a presiding director for the session.

      Supply Chain Disclosure

      Modern Slavery Statement Under the California Transparency in Supply Chains Act and UK Modern Slavery Act

      This Statement describes the activities of Party City Holdco Inc. and its consolidated subsidiaries (collectively, the “Company,” “we” or “our”) to address modern slavery.  We have provided this Statement on a consolidated basis because we employ the same policies and compliance procedures relating to modern slavery across our entire business.  However, most of our consolidated subsidiaries are not subject to the California Transparency in Supply Chains Act or the UK Modern Slavery Act.

      Supply Chain Disclosure

      Business Overview

      We are the leading party goods retailer by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. We have over 900 party superstore locations (inclusive of approximately 150 franchised stores) in the U.S. and Canada. We also operate multiple e-commerce sites, principally under the domain name PartyCity.com, and during the Halloween selling season we also operate a network of approximately 250-300 temporary stores under the Halloween City banner.

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      Addressing Risks of Modern Slavery in our Business and Supply Chain

      We are committed to principles of ethical business practice and recognition of the dignity of others, including responsible labor practices.

      We employ rigorous hiring and employment procedures in our own business.  All of the recruitment agencies and labor brokers that we use have been vetted.  In addition, they are not permitted to charge recruitment or other fees to the employees that we hire through them. 

      In addition, we have established the other policies and procedures discussed herein to mitigate the risks of modern slavery and human trafficking in our supply chains for the products we sell as a wholesaler and in our retail stores. Our approach is to focus on our direct suppliers, since this is the level of the supply chain where we believe that we have the most influence and can therefore be the most effective.

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      Employee Code of Conduct

      Our Corporate Code of Business Conduct and Ethics (the “Code of Conduct”) applies to our employees, officers and directors. In addition to indicating that employees, officers and directors must comply with all applicable government laws, rules and regulations where the Company operates, which would include those relating to labor practices, the Code of Conduct indicates that we are committed to a work environment in which all individuals are treated with respect and that we prohibit workplace discrimination and harassment. New employees are provided with a copy of the Code of Conduct upon hire, which each employee must sign and acknowledge. A copy of the Code of Conduct is also available on the Company Intranet and on the Investor Relations page of the Company’s website at www.partycity.com. Failure to comply with the Code of Conduct may result in disciplinary action, up to and including termination of employment with the Company. For a copy of the Code of Conduct, please see here.

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      Human Rights Policy Statement

      We have also adopted  a Human Rights Policy Statement (the “Human Rights Policy”), which applies to our employees and our business partners, including our suppliers. The Human Rights Policy is a statement of our principles and commitments to labor rights and working conditions, ethical business practices and responsible sourcing. These principles and commitments include treating employees with respect and dignity, not tolerating human trafficking, slavery or forced labor and ensuring a safe, healthy and fair workplace. The Human Rights Policy complements our other policies and affirms our respect for human rights.

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      Supplier Policies

      Our Vendor Standards Manual (the “VSM”), which is applicable to all of the Company’s suppliers, contains a Supplier Code of Conduct (the “Supplier Code”). It also incorporates the Human Rights Policy.

      The Supplier Code expressly prohibits the use of any form of child labor or forced or involuntary labor, including prison, bonded, indentured or otherwise, in any stage of the manufacture of our products. In addition, the Supplier Code provides that our suppliers must comply with all laws and regulations regulating local wages, work hours and benefits, including those relating to minimum wages, overtime, maximum hours, piece rates and other elements of compensation. The Supplier Code also indicates that employees are to be provided with a safe and healthy workplace in compliance with all applicable local  laws and regulations. The same standards of health and safety are required to be applied in any employee housing that is provided.

      We communicate the Supplier Code initially as part of our supplier onboarding process and thereafter periodically from time to time, including by electronic correspondence when there are updates. Our suppliers are required to certify compliance annually with the Supplier Code. In addition, the Supplier Code prohibits our suppliers from using subcontractors without our approval, and our approval is conditioned on such subcontractors signing a written agreement indicating compliance with the Supplier Code. We do training with our suppliers on the Supplier Code in addition to the internal training that is done by our suppliers. Such training is verified by independent, third party auditing firms.

       In the event of a violation of the Supplier Code, we reserve the right to either terminate our relationship with the supplier or to work with the supplier to implement corrective action to remedy the non-conformance. 

      For a copy of the VSM, including the Supplier Code, please see here.

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      Supplier Compliance Assessments

      Supplier On-boarding.  As part of onboarding a new product manufacturer, [we conduct a risk profile assessment, and based on such assessment we may conduct a survey of the manufacturer’s relevant facilities]. Among other things, the inspection and questionnaire is designed to help us determine the manufacturer’s compliance with our VSM and Supplier Code.  In connection with our assessment, we take into account the manufacturer’s geographic location(s) and the nature of its manufacturing activities for us and whether these present a greater risk of modern slavery.

      Factory AuditsFactory audits of selected manufacturers are conducted on our behalf by independent third-party auditors, including Intertek, SGS, Bureau Veritas and Elevate. The auditors conduct both announced and unannounced audits.

      Third-party manufacturers are selected for audits each calendar-year based on an internal risk assessment, the results of prior audits and any requirements of our licensors or third-party retailer customers. As part of the audit, the independent third-party auditor evaluates, among other things, a manufacturer’s compliance with wage, hour and labor laws and health, safety and environmental regulations, as well as the working and other conditions within the facility. During the audit, the independent third-party auditor will visit and inspect the site, conduct interviews with supervisors, managers and workers of the facility, and review relevant books and records of the manufacturer.

      In most instances, where a deficiency is identified, corrective action is required on a specified timeline, followed by a re-audit of the manufacturer to demonstrate that such deficiency has been remedied. In the case of a serious violation of the Supplier Code, termination of the Company’s relationship with the manufacturer may occur, particularly where corrective action is either not possible or determined to be an insufficient remedy.

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      Internal Accountability and Training

      All employees are required to undergo compliance and ethics training, including with respect to the Code of Conduct and Human Rights Policy, upon hire and annually thereafter.  Furthermore, all employees and management who have direct responsibility for supply chain management are expected to identify and address supply chain risks, including the risks of modern slavery in supply chains.

      Employees are encouraged to raise any concerns and have multiple channels to do so, including through an ethics hotline staffed by independent third-party operators, which is available at (888)405-8943 or www.reportlineweb.com/partycity. The Company’s ethics hotline is also made available for external stakeholders at (888)405-8943 or www.tnwinc.com/reportline/amscan.

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