Party City to shutter 45 stores amid worldwide helium shortage

By MarketsFOXBusiness

Party City announced Thursday that it would be closing 45 of its 870 locations. (Google Maps)

Party City announced Thursday that it will be shuttering 45 of its 870 stores this year amid a global helium shortage.

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The party supplies giant’s CEO James Harrison said in a statement that Party City closes 10 to 15 stores each year “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.”

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Harrison also said that the helium shortage “negatively impacted our latex and metallic balloon categories.”

TickerSecurityLastChange%Chg
PRTYPARTY CITY HOLDCO INC8.36+0.11+1.33%

Domestically, helium reserves are being depleted while overall demand has risen. Likewise, about 75 percent of all helium come from three suppliers, according to USA Today.

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Party City said in the statement that they were working on getting “a new source of helium,” which they hope will help them with latex and metallic balloon sales.

The company did not announce which stores would be closing.