Citing helium shortage, Party City announces plan to close approximately 45 of its nearly 900 stores in Canada and the U.S.
Party City CEO Jim Harrison, third from left, and Chairman Gerry Rittenberg, fourth from left, are joined in applause by company executives during opening bell ceremonies at the New York Stock Exchange, to mark the Party City IPO, Thursday, April 16, 2015. The largest party supply store chain in North America announced this week it will be closing 45 stores amid a global helium shortage.
Shortages of the non-renewable gas negatively affected sales in the company’s latex and metallic balloon categories, the statement said. Harrison added that Party City is working on an agreement for a new source of helium, which could provide increased quantities as early as this summer for the next two and a half years. The New Jersey-based company did not provide a list of stores affected.
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