Pier 1 Imports Closing Nearly Half of Stores as Sales Falter
Fort Worth, Texas – Pier 1 Imports is closing nearly half its 942 stores as it struggles to draw consumers and compete online.
The home decor company said last Monday that it is closing up to 450 stores and will also shutter distribution centers. It didn’t say where the store closures would occur, but it operates stores in the U.S. and Canada. It also plans layoffs at its corporate headquarters in Fort Worth, Texas.
The company didn’t say how many workers will be impacted.
Pier 1 has Omaha locations at 74th and Dodge streets and Village Pointe as well as Papillion and Lincoln stores.
The announcement had some investors wondering if a bankruptcy filing was imminent. Pier 1 also added two members to its board last Monday with expertise in corporate restructuring. Pier 1 named a new CEO with a background in corporate turnarounds in November. Robert Riesbeck previously served as the company’s chief financial officer.
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Riesbeck said in a statement.
Pier 1 said sales in its most recent quarter fell 13% to $358 million as store traffic fell. It reported a net loss of $59 million for the quarter ending Nov. 30.
The company, which was founded in California in 1962, has been trying to revamp its cluttered stores and change its offerings to appeal to younger customers.
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