January 6, 2020 Comments Off on Pier 1 Imports Closing Up to 450 Stores Views: 1237 National News, Texas News

Fort Worth, TX-based Pier 1 Imports, Inc. announced plans Monday to close nearly half of its stores. The struggling home goods retailer also reportedly may seek bankruptcy protection.

In order to better align its business with the current operating environment, Pier 1 intends to reduce its store footprint by up to 450 locations. To reflect the revised store footprint, the company also said it plans to close certain distribution centers and reduce its corporate expenses, including a reduction in corporate headcount.

Pier 1’s CEO and CFO Robert Riesbeck said, “Fiscal third quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise. 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. To further advance our progress, we are announcing additional actions today that will enable us to move forward with an appropriately-sized store footprint and operating structure as an omni-channel retailer, and better position Pier 1 to meet our customers where they shop.”

In its latest financial update, the company said net sales decreased 13.3% to $358.4 million compared to the third quarter of fiscal 2019; and reported a $59-million net loss for the third quarter of fiscal 2020. The retailer operated 942 stores in the United States and Canada at the end of its latest quarter. Its stock price has fallen from $300 a share in 2015 to around $5 this week.

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Pier 1 Imports Closing Up to 450 Stores

Dennis Kaiser