Party City to close 45 stores nationwide

Business News
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EAST PROVIDENCE, R.I. (WPRI) — It looks like the party is over for dozens of Party City stores across the United States.

The company announced Friday it will be closing 45 of its 870 stores nationwide.

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

Harrison said the company usually closes 10 to 15 stores per year as part of a network optimization process.

According to Harrison, the company decided to close more stores than usual in order to “…optimize its market level performance, focus on the most profitable locations and improve the overall health of its store portfolio.”

Despite the closures coming amid a helium shortage, the company said the closures are not connected to it. But the company did sign a letter of agreement with a new source of helium that would provide additional quantities for the next two and a half 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.

It’s unclear at this time if any Southern New England locations will be affected by the closures.

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