Pier 1 Imports closing nearly half of stores as sales falter
January 6, 2020 5:47PM CST
MIAMI, FLORIDA – APRIL 19: A Pier 1 Imports store is seen on April 19, 2019 in Miami, Florida. The company announced that it’s shuttering as many as 45 locations this year or up to 15% of stores if the they are unable to reach performance goals, sales targets, and reductions in occupancy and other costs. (Photo by Joe Raedle/Getty Images)
FORT WORTH, Texas (AP) — Pier 1 Imports is closing nearly half its 942 stores as consumers increasingly shop online for home goods.
The company said Monday it is closing up to 450 stores and will also shutter distribution centers. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas.
It didn’t say how many workers will be impacted.
The home decor company 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, which ended Nov. 30.
Pier 1’s shares fell 17% to close at $5.18 Monday. The stock fell another 10% in extended trading following the announcement of the store closures.
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