Party City Files for Bankruptcy – St. Cloud Store in Jeopardy?
Are people just not "partying" anymore? Like to the point where they want to buy lots of fun party favors and decorations? Party City has always been the go-to store for any holiday where you would like to get festive materials. Also, the balloons for any occasion. In 2019 there was a helium shortage and Party City wound up closing a few stores at that time.
From Bring Me the News:
In 2019, Party City announced it would close 45 stores nationwide due to a helium shortage impacting businesses. Three Minnesota locations — Plymouth, Rochester and Shakopee — have closed within the past three years.
The store also ran into issues when the pandemic that went on for two years, halted most any large gathering. Those gatherings would normally been something that people would like to decorate for. And when no one was having any large gatherings, the shopping at Party City went away too. The need for those items went away, unfortunately. And now, when we can again have large groups of people together, Party City stated that they haven't seen the recovery that they were hoping for.
Halloween is one of the biggest holidays for the store. And because of inflation, people were tending to do a bit more penny pinching. They weren't spending money that they normally would have spent on costumes and other décor for the holiday.
There are 12 stores remaining in Minnesota. St. Cloud is one of them. Party City corporate said that they hope not to close any of them, but that is not a guarantee. That is something that is probably not realistic. Although, there has been no statement as to which stores would be closed if it came to that in Minnesota.