Party City Closing 45 Stores Amid Global Helium Shortage

Party CIty

That's the speculation after the party supply company announced it was closing 45 stores nationwide, instead of the 10 to 15 stores it normally closes.

Some of the stores which will be closed are located in Santa Clarita, Banning and Hemet in California; Meriden in Connecticut; DeKalb in IL; and Moses Lake in Washington.

"Overall, our first quarter results were largely in line with our expectations on the top and bottom lines, inclusive of the helium shortage, which negatively impacted our latex and metallic balloon categories", Harrison noted.

"The problem is, helium is being used up faster than it can be produced these days", Anders Bylund of the Motely Fool wrote.

"Because of this global helium shortage, fulfillment of balloon orders may be affected at your store".

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Commenting on the helium shortage, Harris remained positive about the outlook for Party City. The demand for the gas is growing while about 75 percent of helium comes from three suppliers in the world, USA Today reported.

Headquartered in Rockaway, the chain has about 900 retail stores in the United States and Canada, including 28 across New Jersey.

Despite the shortage, Party City has reportedly found a new source of helium that will alleviate the pressure of balloon sales that will help the company moving forward. A list of which stores will be closing was not provided by the company, but it was said the closures will happen throughout the year.

But the retailer has signed a new helium source agreement that will provide it with additional quantities beginning this summer, and continuing for the next two-and-a-half years.

Party City believes the new source should substantially eliminate the shortfall they are experiencing at current allocation rates and improve its ability to return to a normal level of latex and metallic balloon sales.

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