Pier 1 Imports Closing 450 Stores Across The Country
By Bill Galluccio
January 7, 2020
Pier 1 Imports is planning to close roughly half of its stores around the United States as rumors swirl that the company is planning to file for bankruptcy. The home goods retailer announced they are closing 450 stores "in order to better align its business with the current operating environment." The company will close some of its distribution centers and lay off corporate employees.
"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 statement.
Pier 1 said that they lost $59 million in the last quarter and saw their sales drop 11.4 percent. News of the potential bankruptcy caused the company's stock to drop by 17% to roughly $5 per share. In 2015, Pier 1's stock was trading at $300 per share.
The news of the closings comes after a dismal 2019 for many brick-and-mortar retailers. Last year, over 9,300 stores closed, which was a 59% increase from 2018. Those closings included A.C. Moore, Walgreens, Kmart, and Sears.
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