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Pier 1 Imports closing nearly half of stores as sales falter
FORT WORTH, Texas (AP) ‐ Pier 1 Imports is closing nearly half its 942 stores as it struggles to draw consumers and compete online.The home decor company said Monday 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. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas. The company didn’t say how many workers will be impacted. The moves had some investors wondering if a bankruptcy filing was imminent. Also Monday, Pier 1 added two members to its board with expertise in corporate restructuring. Pier 1′s shares fell 17% to close at $5.18 Monday. They fell another 6% in extended trading following the announcement of the store closures. 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. Posted by: Besoeker 2020-01-07 |
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