Party City to Close 45 Stores This Year Amid Global Helium Shortage - NBC 6 South Florida
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Party City to Close 45 Stores This Year Amid Global Helium Shortage

"This year, after careful consideration and evaluation of our store fleet, we’ve made the decision to close more stores than usual," the CEO said

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    Party City Will Close 45 Stores This Year

    Party supply company Party City announced Thursday it plans to close 45 stores throughout 2019 amid a global helium shortage. (Published Friday, May 10, 2019)

    Party City says it plans to close about 45 of its locations this year, roughly 5 percent of its national footprint, amid a worldwide helium shortage that it blames in part for a $30.2 million first-quarter loss.

    The Elmsford, New York-based discount party and costume chain didn't immediately identify the stores slated for closure in its announcement Thursday, but said the shutterings would happen at various times over the course of the year.

    CEO James Harrison said Party City typically closes 10 to 15 stores annually as part of its store optimization process and in response to market demand. 

    "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.

    Death Toll, Damages Climb From Typhoon Hagibis

    [NATL] Death Toll, Damages Climb From Typhoon Hagibis

    The death toll from Typhoon Hagibis climbed to 53 on Tuesday, days after it tore through Japan and left hundreds of thousands of homes wrecked, flooded or out of power. Hagibis caused more than 200 rivers to overflow when it hit the island nation on Saturday.

    (Published Tuesday, Oct. 15, 2019)

    On a per-share basis, Party City said the $30.2 million first-quarter loss amounted to a loss of 32 cents. Earnings, adjusted for one-time gains and costs, were 1 cent per share. 

    The results matched Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 1 cent per share. 

    The party supplies retailer and wholesaler posted revenue of $513.1 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $519.9 million. 

    Quadruple Murder Suspect Brings Body to Police Station

    [NATL] Quadruple Murder Suspect Brings Body to Police Station

    A Roseville, California, man is in custody after he turned himself in to police in connection to a quadruple homicide.  The body of one of his victims was in the car he drove to the police station in Mount Shasta, more than 200 miles away from the original Roseville crime scene.

    (Published Tuesday, Oct. 15, 2019)

    Party City expects full-year earnings in the range of $1.61 to $1.72 per share, with revenue in the range of $2.49 billion to $2.54 billion. 

    Party City shares have dropped 27 percent since the beginning of the year. The stock has fallen 51 percent in the last 12 months.