May 10, 3:10 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Pritha Paul @ZiggyZina143 05/10/19 AT 2:34 AM Party City, the retail chain of party supply stores, announced Thursday that it will shut 45 of its 870 stores in 2019, even as it reported a first-quarter revenue growth of one percent and retail sales growth of four percent.Some of the stores which will be closed are located in Santa Clarita, Banning and Hemet in California; Meriden in Connecticut; DeKalb in Illinois; and Moses Lake in Washington. In a press release, the company’s CEO James Harrison said the decision to close a higher number of stores this year was made with the agenda to focus on Party City’s most profitable locations across the United States and Canada. “Each year, Party City typically closes 10-15 stores as a part of our prudent network optimization process and in response to ongoing consumer, market and economic changes that naturally arise in the business. 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,” he said.Helium… Read full this story
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