Party City to close 45 stores amid global helium shortage

Party supplies company nearing deal for new helium source

(Jean Baptiste Lacroix/Getty Images for Party City)

ORLANDO, Fla. – Party City announced Thursday that it will close 45 stores in 2019, but it's not yet known if any in Florida will be shuttered.

The New Jersey-based party supplies company operates 870 stores in the U.S. and Canada.

In a news release, Party City CEO James Harrison said 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.

Party City said it is working to secure a new helium source as early as this summer. The deal would extend for 2.5 years, he said.

"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.