Mitch Modell aims to resurrect bankrupt retailers Party City and Big Lots by raising $1 billion to save 33,000 jobs, revamping their merchandise model.
By keeping the retail brand names but shifting away from heavy furniture at Big Lots and expanding merchandise at Party City, Modell's approach aims at revitalization.
Model is banking on partnerships with a veteran team of executives and foreign manufacturing to offer lower prices and remain competitive in the retail market.
Modell, who previously led a successful sporting goods chain, believes he can replicate that success by leveraging cost-effective sourcing and a refreshed merchandise strategy.
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