New Jersey-based Party City plans to close 45 stores, citing partly a global helium shortage that has value the company sales of metallic and latex balloons.
Headquartered in Rockaway, the chain has about 900 retail stores within the United States and Canada, together with 28 throughout New Jersey. The company has not introduced which stores will close.
“Each year, Party City typically closes 10-15 stores as a part of our prudent network optimization process and in response to ongoing consumer, market and economic changes that naturally arise in the business,” James M. Harrison, the company’s chief government officer, stated in an announcement Thursday.
The company stated the closures will happen all year long.
Harrison stated the company ought to safe a brand new helium supply for its stores this summer time with a contract anticipated to final a number of years.
“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 stated.