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Party City announced Thursday that it would close 45 stores across the country this year, in light of a worldwide helium shortage.
The company currently has 870 sites. The closures will take place throughout the year, according to a press release.
"Each year, Party City typically closes between 10 and 15 stores as part of its cautious network optimization process and in response to ongoing changes in consumption, market and economy that occur naturally. in the sector, "said CEO James Harrison. "This year, after a thorough review and evaluation of our store fleet, we made the decision to close more stores than usual in order to optimize our market performance, to focus on most profitable locations and to improve the overall health of our store. wallet."
A list of closed stores has not been published yet.
The recent helium shortage has had a negative impact on the company's latex and metal balloon categories. Harrison said the company had signed a letter of agreement on a new source of helium that would provide additional quantities of helium from this summer and for two and a half years.
"We believe this new source should substantially eliminate the deficit we have at current allocation rates and improve our ability to return to normal levels of latex balloon and metal balloon sales," said Harrison.
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