Factory Card & Party Outlet investors suggest company sell

By Lisa Kerner

Charlotte, N.C., May 3 - Factory Card & Party Outlet Corp. investors led by Midwood Capital Partners, LP requested that the company retain an investment banker to explore a possible sale of the company, according to a schedule 13D filing with the Securities and Exchange Commission.

In addition, the investors have suggested increased shareholder representation on the board.

Midwood Capital and the additional reporting persons have in the past engaged, and may continue to engage, in a dialogue with the company's management, the chairman of the board and other stockholders regarding the current undervaluation of Factory Card's stock.

Midwood Capital sold 35,585 shares of the company's stock between April 24 and May 1 priced from $11.38 to $12.39 per share.

The investor beneficially owns 261,056 shares, or 7.8%, of the Naperville, Ill., specialty retailer's common stock.

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