In light of a worldwide helium shortage, Party City is set to shut down 45 of its locations across the country this year. If you’ve been trying to order balloons for a celebration lately, you might have encountered difficulties. The popular party retailer has long been a go-to destination for festive supplies, but according to CEO Charles Thompson, the helium scarcity has significantly affected their ability to provide helium-filled balloons.
While the chain typically closes around 10 to 15 stores annually, this year’s closures are largely attributed to the impact of the helium shortage on their latex and metallic balloon offerings. Party City’s website has even dedicated a page to this issue, something many customers became aware of while attempting to have balloons filled recently.
The Importance of Helium
Helium isn’t just a party accessory; it plays a vital role in various industries, from smartphones to medical devices like MRI machines, and even in aerospace technology. It’s surprising to learn that Qatar has been the primary source of the world’s helium, supplying about 75% of it, but since 2017, a blockade imposed by Saudi Arabia has halted their exports. Consequently, the U.S. government’s reserves in Texas and Wyoming are being depleted, leading to rationing by the Bureau of Land Management. Once the world’s leading helium producer, the U.S. made poor decisions in the 1990s regarding its helium reserves, causing the current predicament.
Looking Ahead
Unfortunately, the helium crisis doesn’t seem to have an end in sight. Despite the closures, Party City assures customers that the remaining stores will strive to meet their party needs, including providing alternatives to helium-filled balloons. After all, who doesn’t have a soft spot for a classic balloon arch?
Although a comprehensive list of the closing locations has not been released, Thompson remains optimistic about the company’s future. He stated, “We have secured a new helium source, pending the finalization of our contract, which should supply us with additional helium starting this summer for the next 2.5 years.” This development could significantly alleviate their current shortage and help restore normal balloon sales.
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In summary, Party City is closing several stores due to a significant helium shortage impacting their balloon sales, but there is hope for a new helium source that could improve their situation in the near future.