Factory Card & Party Outlet Hires Grubb & Ellis Company.

NAPERVILLE, Ill. -- Factory Card & Party Outlet Corp. (NASDAQ:FCPO) announced today that it has retained Grubb & Ellis Company (OTC:GBEL), one of the leading providers of integrated real estate services, to consult with the Company to explore strategic alternatives related to the February 2008 lease expiration at its existing Naperville, IL, facility. Senior Vice Presidents Jerry Bloomstrand, Mark Stables and Jack Cozzie, along with Vice President Dominic Carbonari of Grubb & Ellis will assist Factory Card & Party Outlet with the review of various site alternatives including the lease renewal of its existing headquarters and distribution center located in Naperville, IL. The Company's existing facility provides 440,000 square feet of total space including 70,000 square foot of attached office space.

Factory Card & Party Outlet, (www.factorycard.com) based in Naperville, Illinois, currently operates 187 Company-owned retail stores in 20 states, offering a wide selection of party supplies, greeting cards, giftwrap, balloons, everyday and seasonal merchandise and other special occasion merchandise at everyday value prices.

Grubb & Ellis is a top provider of comprehensive real estate services with access to collective resources of more than 9,000 people in over 200 offices in more than 30 countries. The Company provides a full range of real estate services, including transaction, management and consulting services, to users and investors worldwide through its domestic offices and affiliates throughout North America as well as with a global strategic alliance with Knight Frank, one of the leading property consulting firms in Europe, Africa and Asia Pacific. For more information, visit the Company's website at www.grubb-ellis.com.

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, year-end adjustments and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements express or implied by such forward-looking statements.

In general, the results, performance or achievements of the Company and its stores and the value of the Company's common stock are dependent upon a number of factors including, without limitation, the dependence on key personnel; competition, ability to anticipate merchandise trends and consumer demand; ability to maintain relationships with suppliers; successful implementation of information systems; successful handling of merchandise logistics; inventory shrinkage; ability to meet future capital needs; governmental regulations; and other factors both referenced and not referenced in the Company's filings with the Securities and Exchange Commission.