Pier 1 Imports Plans to Close 450 Stores
In a statement released Moday (January 6, 2020) Fort Worth-based home décor and accessories retailer Pier 1 Imports announced that they will be closing up to 450 of their store locations. That constitutes about half of their stores. The company also plans to cut corporate staff and close some distribution centers.
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision. We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers,” Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer said.
The announcement comes after a disappointing third quarter. Bloomberg is reporting that the company has also drafted a bankruptcy plan.
As of Tuesday morning, there has not been any announcement about which locations will be closed. Pier 1 has stores in Cheyenne ad Casper, Wyoming; and in Loveland and Fort Collins.
Pier 1 Imports was founded in 1962.