Item 2.02 Results of Operations and Financial Condition.
On January 9, 2020, Party City Holdco Inc. (the "Company") issued a press
release announcing preliminary brand comparable sales results for the fiscal
year ended December 31, 2019. A copy of the press release is being furnished to
the Securities and Exchange Commission as Exhibit 99.1 to this Current Report on
Form 8-K and is incorporated by reference to this Item 2.02.
The information furnished pursuant to Item 2.02 shall not be deemed to
be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or
the Exchange Act, or otherwise subject to the liabilities of that section, nor
shall it be deemed to be incorporated by reference into any of the Company's
filings with the Securities and Exchange Commission under the Exchange Act or
the Securities Act of 1933, whether made before or after the date hereof,
regardless of any general incorporation language in such a filing, except as
expressly set forth by specific reference in such a filing. Except as required
by law, we undertake no duty or obligation to publicly update or revise the
information so furnished.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 9, 2020, the Company announced that Todd Vogensen, age 50, will be
joining the Company as Chief Financial Officer, effective February 3, 2020.
Mr. Vogensen will replace Michael Correale, age 62, who has served as the
Company's Interim Chief Financial Officer since March 2019. Mr. Correale will
remain with the Company and serve as Chief Accounting Officer and Principal
Accounting Officer.
Mr. Vogensen served as the Executive Vice President and Chief Financial Officer
of Chico's FAS from June 2014 through January 2020, where he also held various
roles of increasing responsibility beginning in 2009. Prior to joining Chico's,
Mr. Vogensen spent over four years with Michaels Stores from 2005 to 2009 as
Corporate Controller, Vice President of Financial Planning & Analysis, and Vice
President of Merchandising Finance. He previously held finance management
positions at Gap, Inc. and Hewlett Packard Company. Mr. Vogensen has a Bachelor
of Science in Accounting from Arizona State University, where he graduated in
1991.
In connection with Mr. Vogensen's appointment, the Company entered into an
employment agreement (the "Agreement") with Mr. Vogensen governing the terms of
Mr. Vogensen's employment. The Agreement is effective as of February 3, 2020
(the "Effective Date"), the first day of Mr. Vogensen's employment with the
Company, and runs through February 2, 2023 unless terminated sooner pursuant to
the terms of the Agreement. Under the Agreement, Mr. Vogensen will receive an
initial annual base salary of $625,000 and is eligible for an annual bonus
target of 70% of his base salary. In addition, Mr. Vogensen will receive a
one-time cash sign-on bonus in the amount of $420,000.
The foregoing summary of the Agreement is qualified in its entirety by the copy
of such agreement filed hereto as Exhibit 10.1 and is incorporated herein by
reference.
A copy of the Company's press release announcing Mr. Vogensen's appointment is
attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit
10.1 Employment agreement, dated January 6, 2020, by and between Party City
Holdco Inc. and Todd Vogensen
99.1 Press Release, dated January 9, 2020.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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