Party City has announced that it plans to close 45 stores in the U.S. and Canada this year.
Specific store closings have yet to be announced, but the closures will impact approximately 5 percent of the party supplies retailer's 870 locations. There are 15 Party City stores in Minnesota, including 12 in the Twin Cities metro area.
- Apple Valley
- Coon Rapids
- Maple Grove
- St. Cloud
- St. Louis Park
“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,” said Party City CEO James Harrison in a statement.
According to USA Today, the company typically closes 10-15 stores on average each year.
This announcement comes at a time when there is a helium shortage impacting businesses around the world, with USA Today reporting that supply isn't keeping up with a growing demand.
But according to MarketWatch, Party City has found a substitute source of helium that will account for about 15 percent of its yearly need.