The company's reports its retail operations include more than 900 specialty retail party supply stores (including franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites.
Amid a global helium shortage, Party City announced Thursday it will shutter 45 stores in 2019.
In any given year, between 10 and 15 stores close. And helium reserves in Texas are fast-depleting.
The company says they will focus on the the most successful locations to help improve the company's portfolio.
A baloon-vendor in Bavarian folk attire carries a bunch of helium baloons on the opening day of the 2015 Oktoberfest, Munich, Germany, Sept. 19, 2015.
Commenting on the helium shortage, Harris remained positive about the outlook for Party City.
But that supply is dwindling after the United States passed a law in 1996 obliging it to sell off a certain volume of helium every year at a fixed price, in order to raise funds for the Government.
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Although helium is the second-most abundant element in the universe, Earth only has a limited supply - and the U.S National Research Council warned in 2012 that the gas could run out by 2040. "We're working to replenish the helium at the affected stores as more supply becomes available".
Locally, as KDKA reported last November, helium-filled balloons have been hard to come by, although stores like Party City still sell small tanks of helium that can fill up a couple dozen balloons.
Party City ended the quarter with $1,991 million in debt.
As a solution, the New Jersey-based company urged party planners to opt for "a balloon arch or balloon wall with latex and foil balloons" which did not need helium, "just some tape and creativity".
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.
The company says it has found a new source of helium that should get it back "to a normal level of latex and metallic balloon sales".