After opening in 2015, Canyon Country’s Party City will soon close its doors to the public.
The store, located at 19037 Golden Valley Road, will start liquidation sales and shut down in the next couple of months. While no set date has been announced, store employees said Friday closure could happen by July.
The Santa Clarita Valley’s second Party City on McBean Parkway in Valencia confirmed it will not be closing. A third store on The Old Road in Stevenson Ranch has closed.
Golden Valley store employees could not share reasons behind the closure, but some challenges the company faced include a global helium shortage.
“With only three sources producing 75 (percent) of the world’s helium, any disruption causes a significant impact,” the Party City website read. “Currently, helium supply is very low while demand is growing.”
Results for the company’s fourth quarter were “slightly below expectations in large part due to helium supply pressures,” according to James Harrison, chief executive officer of parent company Party City Holdco Inc., in its Feb. 28 report.
The company also shared that it closed 10 other stores and opened 15 more, as well as acquiring 56 independently-owned or franchised stores in 2018.
Party City said in the report it earned $400 million in profits, or $1.61 per share, last year. Despite freight and distribution costs slowing down growth, the report indicated earnings that were 2.4 percent higher and sales 4.3 percent more than in 2017.
