Party City Corporation operates specialty retail party supply stores in the United States. The Company operates corporate-owned stores and sells franchises on an individual store and franchise area basis throughout the United States and Puerto Rico. As of August 30, 2005, the Company's network consisted of 494 stores, with 247 Company-owned stores and 247 stores owned by franchisees. Party City operates in two segments: retail and franchising. The retail segment generates revenue through the sale of third-party branded party goods through Company-owned stores. The franchising segment generates revenue through the assessment of an initial one-time franchise fee, ongoing royalty payments based on retail sales, and sales of product and services through the Company's distribution network. The stores offer a selection of brand name and private-label merchandise for a variety of seasonal and non-seasonal occasions, including Halloween, Christmas, birthdays, weddings and baby showers.
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