EXHIBIT 99.1
NEWS RELEASE
Contact: Thomas E. Larson
Chief Financial Officer
(973) 983-0888 Ext. 4810
FOR IMMEDIATE RELEASE
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PARTY CITY CORPORATION ANNOUNCES APPOINTMENT OF
EDWARD A. MULE AND MICHAEL E. TENNENBAUM AS DIRECTORS
Rockaway, New Jersey, October 9, 2000 - Party City Corporation (OTC: PCTY),
America's largest party goods chain with 427 Company-owned and franchised
stores, today announced that Edward A. Mule and Michael E. Tennenbaum have
joined its Board of Directors. On October 5, 2000 the Board of Directors of the
Company voted to increase the number of directors constituting the Board from
five to seven and, in order to fill the two vacancies thereby created, elected
Mr. Tennenbaum and Mr. Mule as additional members of the Board, to hold office
until the next annual election of directors.
Mr. Mule has served in various positions with Goldman, Sachs & Co. since
1984. He currently is the Head of Special Situations Investing and also serves
as Head of Asian Special Situations. Prior to assuming those positions, Mr. Mule
headed the firm's distressed debt trading operation. Mr. Mule began his career
in Mergers and Acquisitions, and also previously served in several capacities in
the Office of the Chairman.
Mr. Tennenbaum is the founder and managing member of Tennenbaum & Co. In
that capacity, Mr. Tennenbaum has specialized in making equity and debt
investments both in securities and in operating businesses, with an emphasis on
high return opportunities arising from complex circumstances. Prior to forming
Tennenbaum & Co., Mr. Tennenbaum served for 32 years in various capacities at
Bear Stearns, including as Vice Chairman, Investment Banking and as a Director.
His responsibilities included managing the firm's Risk Arbitrage Department,
Investment Research Department and Options Department.
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Jim Shea, Party City's CEO stated, "We are fortunate to have attracted two
directors with such distinguished careers to Party City. I look forward to their
contributions and counsel to the Company as we continue to work toward realizing
Party City's potential."
Except for historical information contained herein, the statements in this
release are forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
involve known and unknown risks and uncertainties, which may cause the Company's
actual results in future periods to differ materially from forecasted results.
Those risks include, among other things, the competitive environment in the
party goods industry in general and in the Company's specific market areas,
inflation, changes in costs of goods and services and economic conditions in
general. Those and other risks are more fully described in the Company's filings
with the Securities and Exchange Commission.
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