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Factory Card Closing 7 Units

NAPERVILLE, IL-The company will negotiate or shutter underperforming units at end of leases.

By Debra Hazel | Updated on June 12, 2006

NAPERVILLE, IL—A retrenching Factory Card & Party Outlet Corp. could close up to seven stores this year, after opening just one new unit through the rest of 2006, officials said at its first quarter conference call.

During the quarter, the company opened five new stores and closed one unit. The company will attempt to renegotiate lower rents or closures for underperforming stores, said Gary R. Rada, president and CEO.

“Anything we’d be doing with store closings would be in conjunction with the end of lease terms,” Rada said.

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