New Jersey-based Party City plans to close 45 stores, citing in part a global helium shortage that has cost the company sales of metallic and latex balloons.
Headquartered in Rockaway, the chain has about 900 retail stores in the United States and Canada, including 28 across New Jersey. The company has not announced 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 executive officer, said in a statement Thursday.
The company said the closures will take place throughout the year.
Harrison said the company should secure a new helium source for its stores this summer with a contract expected to last several 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 said.