Party City Hits Record Low as Helium Woes Sink Results, Outlook
- The retailer’s shares drop as much as 67%, the most ever
- A shortage of helium has plagued the New Jersey-based company
A shopper enters a Party City Holdco Inc. store in New York.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Party City Holdco Inc. plunged to a record low as the retailer slashed guidance as helium shortages hurt third-quarter results.
“The negative impact of helium shortages was felt across the business on both the top and bottom line,” Chief Executive Officer James Harrison said in a statement. “Many of the tailwinds that we expected failed to materialize.”