ELMSFORD, N.Y. (KCAU) – Party City has announced that they will be closing about 45 stores this year.
In a first-quarter report, Party City CEO James Harrison said that their first quarter results were in line with what they expected due to the current helium shortage, which impacted balloon sales.
He said that they normally close 10 to 15 stores a year as part of their “prudent network optimization process,” but are now closing more after consideration and evaluation of their stores.
“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,” Harrison said.
They did not list what stores would be closing among the approximate 870 stores they currently have.
Harrison also said that they recently agreed to a new source of helium which may give them more helium for the next two-and-a-half years. He said it should help them to improve their balloon sales.