Party City Is Closing 45 Stores
Amid a global helium shortage, Party City announced Thursday that it will close 45 stores this year. The New Jersey-based party supplies company did not release a list of affected stores but said the closures will take place throughout the year.
There are 870 Party City stores in the U.S. and Canada and the closures represent about 5% of locations. There will reportedly be closings in California, Illinois, Connecticut and Washington.
Party City CEO James Harrison said in a statement Thursday that the company typically closes 10 to 15 stores each year. "This year, after careful consideration and evaluation of our store fleet, 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.”
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