Pier 1 Imports plans to close up to 450 locations, nearly half its 942 stores, officials announced. It will also close certain distribution centers.
Pier 1 Imports plans to close up to 450 locations, nearly half of its 942 stores, the company announced Monday.
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision," Pier 1 CEO and Chief Financial Officer Robert Riesbeck said in a news release. Struggling retailers 2020: These retailers are facing the fight for their lives: Sears, Forever 21, Pier 1“Fiscal third quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise," said Riesbeck, who was named CEO in November. "Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives.
In April, Pier 1 announced it could close as many as 145 stores, about 15% of its nearly 1,000 locations. A week later, S&P Global Ratings warned that the"potential for a bankruptcy filing or debt restructuring is continuing to increase" for Pier 1 as its retail performance continues"to deteriorate significantly."
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