(WKBN) – Party City announced it will be closing about 45 of its 870 stores.
The closures will take place this year, the company informed its investors on Thursday.
CEO James Harrison said the closures are in order to optimize performance and focus on the more profitable locations.
Harrison also noted that the company has faced a helium shortage, negatively impacting balloon sales. Party City signed a letter of agreement for a new source of helium, which the company hopes will turn things around.
The nearest stores are in Aurora, Ohio and Cranberry Township, Pa., according to the company’s website.