New York (CNN Business) Pier 1 Imports is closing a dozen more stores than originally planned as struggles mount for the retailer.

The home goods company's stock sank 16% in early trading Thursday after posting another dim earnings report. Sales at stores open at least a year fell 13.5% in the first quarter and the company posted a loss of $81.7 million, which was substantially larger than the $28 million loss it posted in the same quarter a year ago.

Pier 1 also said it's closing 12 more stores this year. It already announced in April it was shuttering 45 locations.

If the company's turnaround plan doesn't work, it could close even more stores, said Interim CEO Cheryl Bachelder on an earnings call Wednesday. Pier 1 has 967 stores remaining.

"If we are unable to achieve our performance goals, sales targets and reductions in occupancies and other costs, we could close up to 15% of our portfolio," she said.

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