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Factory Card Explores Sale

NAPERVILLE, IL-In a bid to enhance shareholder value, Factory Card & Party Outlet Corp. said it is considering the sale of its 191 stores.

By Beverly Ford | Updated on December 13, 2006

NAPERVILLE, IL-Party supply retailer Factory Card & Party Outlet Corp. said it is considering selling or merging the company to enhance shareholder value and will hire an investment banking firm to study its options.

In a statement released by the Naperville, IL party supplier, the firm said that the board of directors initiated an external process to explore “strategic alternatives” that include acquisitions, stock repurchases, joint venture mergers and the company’s potential sale. The firm also cautioned that its decision does not assure any transactions will result from the analysis.

“The board has consistently evaluated various ways of improving shareholder value. Today’s announcement to engage an investment banker reflects their ongoing commitment to achieving that goal,” Gary Rada, Factory Card & Party’s CEO said in a statement.The retailer said it would not make any further statements on its strategic alternative findings until the study is completed or it executes a definitive agreement.

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