Pier 1 To Close Half Its Stores
Retailer Pier 1 says that they plan to close 450 stores as their third-quarter losses widen.
The business says that losses have been mounting and they will be closing almost half of their 942 stores. The move to close so many stores was unexpected, but sales have been on the decline and this last quarter was no exception.
The company also said Monday that they plan to shut certain distribution centers and reduce their corporate expenses, which include slashing the corporate headcount.
The home decor and furniture retailer is the latest retailer struggling in a tough environment, as it competes with the growing dominance Amazon.
Pier 1 has drafted a bankruptcy plan and made a presentation to creditors with a plan to create a smaller post-bankruptcy company with about $900 million in annual sales.
The retailer has not said which stores will be closing. The Lansing area has 2 Pier 1 stores, and there are roughly 16 stores in Michigan.