In light of a significant helium shortage affecting supplies, Party City has announced plans to close 45 stores across the country this year. If you’ve recently attempted to order balloons for a celebration, you might have encountered difficulty, as the beloved party store has struggled to fill orders amidst this ongoing crisis.
Party City typically shuts down around 10 to 15 stores each year. However, the helium shortage has had a substantial impact on their latex and metallic balloon inventory, as stated by the company’s CEO, Michael Turner. The shortage has become a well-known issue for many customers, as evidenced by the informative page on helium available on Party City’s website.
The Importance of Helium
Helium plays a vital role not just in festive occasions, but also in technology and medical applications, including smartphones and MRI machines. Surprisingly, Qatar supplies around 75% of the world’s helium, but since 2017, a blockade imposed by Saudi Arabia has halted its export. This disruption has led to the depletion of U.S. government helium reserves located in Texas and Wyoming, prompting the Bureau of Land Management to ration the remaining supplies. The U.S. was once the leading producer of helium but fell into debt during the 1990s from storing the gas, leading to a decline in its reserves.
Party City’s Response
While the helium crisis appears to be a long-term issue, Party City aims to reassure customers that the stores still in operation will strive to meet their party needs, including alternative options for balloons. After all, who doesn’t love a classic balloon arch?
Although a complete list of the locations set to close hasn’t been released, CEO Michael Turner remains optimistic about the company’s future. “We have come to an agreement for a new source of helium, which, pending final contract execution, will allow us to access additional helium quantities starting this summer for the next 2.5 years,” he noted. “This new source should significantly address the current shortfall and help us return to normal sales levels for latex and metallic balloons.”
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In summary, Party City is facing challenges due to a global helium shortage, resulting in the closure of 45 stores. While the situation is serious, the company is working towards finding new helium sources to ensure that their remaining locations can continue to serve customers’ party needs.