Party City to Close 45 Locations due to Helium Shortage
A popular party supply store based out of Westchester, with locations all over the Hudson Valley, will be closing a handful of stores.
On Thursday, May 9th Party City released a statement announcing that they will be closing 45 locations. In the statement Party City's Chief Executive Officer James Harrison explains that the helium shortage plays a part in the closing of a larger amount of stores.
Harrison said "Overall, our first quarter results were largely in line with our expectations on the top and bottom lines, inclusive of the helium shortage, which negatively impacted our latex and metallic balloon categories."
Annually, Party City closes between 10 and 15 stores due to their "part of our prudent network optimization process and in response to ongoing consumer, market and economic changes that naturally arise in the business" according to Harrison.
The press release also details the agreement of a new source of helium. The statement explains they will have "additional quantities of helium" starting this summer and continuing for the next 2.5 years. Harrison says "We believe this new source should substantially eliminate the shortfall we are experiencing at current allocation rates and improve our ability to return to a normal level of latex and metallic balloon sales."
Harrison and Party City are confident that a strong upcoming holiday calendar and Halloween falling on a Thursday this year will help business in 2019.
Party City has over 800 locations across the US and Canada.
There's no word yet on what locations will be closing.
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