Party City Holdco Inc. will close 45 stores this year, about 30 more than usual.
The company has about 870 Party City locations nationwide, and the 45 closures will take place throughout the rest of this year, according to a statement.
The party supply retailer has closed about 10 to 15 stores each year to optimize the store footprint as consumers and the economy change, said James Harrison, CEO.
“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.
Party City reported a net loss of $26.6 million in the first quarter of this year compared to an earnings of $4.1 million in the same period last year, according to the release.
Total revenue rose 1 percent and retail sales increased 4 percent, but same-store sales fell 1.4 percent. Harrison said the first quarter sales were impacted by a helium shortage which harmed its latex and metallic balloon service.
Party City has stores in Beavercreek, Huber Heights, Miami Twp, Mason, Fairfield and others in Cincinnati.
FIVE FAST READS
Thank you for reading the Springfield News-Sun and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Springfield News-Sun. Get more news when you want it with email newsletters just for subscribers. Sign up here.