WVEL Consumer/Money Scope Now: Party City Will Be Closing 45 Stores

(Photo By Flickr User Mike Mozart)

 

Amid a global helium shortage, Party City announced this week that it will shutter 45 stores in 2019.

According to USA Today, 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. Local news outlets have so far reported closings in California, Illinois, Connecticut, and Washington.

Party City CEO James Harrison said in a statement on Thursday 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,” Harrison said.