Party City to close around 45 stores, citing a shortage of helium hitting its profits
A global helium shortage is proving to be the ultimate party pooper.
“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 Chief Executive Officer James Harrison said in a release.
It's not just kids' birthday parties at risk from the helium shortage — the lighter-than-air, nonrenewable natural resource, from smartphones to MRIs to space shuttles and the Large Hadron Collider particle accelerator. The U.S. itself used to be the world's largest helium producer, but ran into debt storing the gas and began selling off its reserves in the late 1990s at artificially low prices.wrote Anders Bylund, an analyst at Motley FoolParty City worked to explain the global helium shortage to customers on its website, noting, “Helium supply has always been a little up in the air . With only three sources producing 75 percent of the world's helium, any disruption causes a significant impact.
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