M
itch Modell is determined to revive two struggling retailers. He plans to submit term sheets by the end of the week to acquire Party City, which has 700 stores and is winding down operations, and Big Lots Stores, with around 970 locations that will be closed as part of a going-out-of-business sale. Modell's team includes Demos Parneros, former CEO of Barnes & Noble, and Larry Meyer, former CFO of Forever 21, who would serve as chief executive and chief financial officer, respectively.

    Modell expects to have financing in place by the end of the week but declined to specify the source. He aims to save all 1,600 jobs at both companies and keep both brands, focusing on apparel and sporting goods. The Big Lots brand would also include footwear and produce, while eliminating furniture, appliances, and other non-core items.

    Modell plans to price most items under $10 by sourcing directly from manufacturers and farms. He has 75 warehouses stocked with goods ready for shipment and aims to open a prototype store by mid-January. Modell is confident that his vision will excite lenders, creditors, and investors who have doubted him in the past.

    Party City and Big Lots did not respond to requests for comment on Modell's plans.