The Party's Over

Party City Corp., the Rockaway, N.J.-based party goods retailer, announced that CEO James Shea is leaving the company to pursue other opportunities, effective immediately. Shea served in this position since December 1999.

“Jim has assisted Party City in the dramatic improvements it has achieved over the past three years,” says Ralph Dillon, non-executive chairman of the board of directors. “We thank him for his contributions to the company and wish him the very best in his future endeavors.”

Shea is replaced by director and former Gymboree ceo, Nancy Pedot, who will serve as interim ceo until a permanent replacement is found. Pedot has been a member of the company's board of directors since November 2000.

In addition, the retailer reported sales of $196.8 million for the third quarter ending March 29, up from $185.6 million a year earlier. Sales at stores open at least a year fell 2.4 percent.

Party City operates more than 480 company-owned and franchised stores mainly in the U.S., but also in Portugal, Puerto Rico and Spain.