Business

Party City closing dozens of stores, says helium shortage is partially to blame

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By Gary Dinges gdinges@gatehousemedia.com
Posted: May. 10, 2019 2:03 pm

Party City will close dozens of stores this year and says an ongoing helium shortage is partially to blame.

The New Jersey-based chain of party supply stores will shutter 45 U.S. locations, TV station WVIT reports.

The announcement came after Party City said it lost $30.2 million in the first quarter, thanks in part to the helium shortage.

USA Today says the helium shortage is the result of reserves being depleted at the same time worldwide demand is increasing. 

A list of the Party City stores set to shut down hasn't been disclosed, but WVIT says the closures will happen on a rolling basis throughout the remainder of 2019.

"This year, after careful consideration and evaluation of our store fleet, we’ve made the decision to close more stores than usual in order to help optimize our market level performance, focus on the most profitable locations and improve the overall health of our store portfolio," Party City CEO James Harrison said in a written statement obtained by WVIT.

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