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Party City closes 45 stores in the light of global helium deficiency

Party City announced on Thursday that it is closing 45 stores across the country this year in the light of a global helium shortage. The company currently owns 870 sites. The closures will take place throughout the year according to a press release. "Every year, Party City usually closes 10-15 stores as part of our cautious network optimization process and in response to ongoing consumer, market and financial changes that naturally occur in the business," says CEO James Harrison. "This year, after careful consideration and evaluation of our store fleet, we have decided to close more stores than usual to help optimize our market level, focus on the most profitable sites and improve our health in our store portfolio." A list of closure stores has not yet been released. The latest helium deficiency has negatively affected the company's latex and metal honeycomb categories. Harrison said the company has signed a new helium source that would provide additional levels of helium starting this summer and extending for two and a half years. "We believe that this new source should significantly eliminate the shortage we experience with current distribution rates and improve our ability to return to a normal level of latex and metal balloon sales," says Harrison. Read more here.

Party City announced on Thursday that it is closing 45 stores across the country this year in the light of a global helium shortage.

The company currently owns 870 sites. The closures will take place throughout the year according to a press release.

“Every year, Party City usually closes 10-15 stores as part of our cautious network optimization process and in response to ongoing consumer, market and financial changes that naturally occur in the business,” says CEO James Harrison. “This year, after careful consideration and evaluation of our store fleet, we have decided to close more stores than usual to help optimize our market level, focus on the most profitable sites and improve our health in our store portfolio.”

A list of closure stores has not yet been released.

The latest helium deficiency has negatively affected the company’s latex and metal honeycomb categories. Harrison said the company has signed a new helium source that would provide additional levels of helium starting this summer and extending for two and a half years.

“We believe that this new source should significantly eliminate the shortage we experience with current distribution rates and improve our ability to return to a normal level of latex and metal balloon sales,” says Harrison.

Read more here.

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