Party City, the brick-and-mortar retailer that's a one-stop-shop for single-use, brightly-colored plastic crap and other festive decorations, is closing 45 of its 900 stores across the country. Store profits are down due to the shortage of helium on the planet; Party City historically makes big money from filling balloons. From CNN:
The Earth holds pockets of helium buried under rock, but it's notoriously hard to capture because it, well, floats. When drilling or fracking for natural gas, energy companies capture some helium and sell it. But helium makes up a tiny percentage of the gasses trapped under rock formations.
Over the past few years, some drillers have claimed to find troves of helium buried underground, but those haven't always panned out. Party City said it really started feeling the pinch in August 2018...
The good news for Party City is it signed an agreement with a new helium supplier. Party City believes the new supplier can help it return its balloon business back to normal starting in the summer, and it hopes the supplies will last for the next two-and-a-half years...
(Party City CEO) Harrison cautioned, however, that the additional helium wasn't a sure thing. Party City's new supplier might believe it is sitting on a lot of helium, but it can't know for sure until it bottles and sells it.
Brooks Brothers is the latest casualty of the Covid pandemic, filing for bankruptcy protection in New York today. The upscale clothiers, one of the last to make garments in the U.S., has been in business for 200 years. The closely held company, which is owned by Italian businessman Claudio Del Vecchio, filed for bankruptcy protection […]
I’m looking forward to interviewing Yuko Kaifu, president of JAPAN HOUSE Los Angeles, for a live streaming event on July 17 about virtual meetings and how the rest of the world can learn from Japanese-style business culture. It’s free and open to all, but you need to reserve a seat online in advance. Join us […]
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Back in the 50s and 60s, it was no big deal in most areas to make a call to your local liquor store and have beer, wine and spirits delivered right to your house with little to no restriction. However, that ease and simplicity certainly isn’t in place today. Alcohol delivery laws in 2020 are […]