It’s so sad to see so many stores closing over the past few years.
Pier 1 Imports Closing up to 450 Stores
This year, 2020, Pier 1 Imports is planning on closing up to 450 stores (nearly half) in order to better align with how people shop now.
CEO & CFO Rober Riesbeck said:
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision. Fiscal third quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise. Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives.”
They plan to lay off employees in their corporate offices as well. This is all after a tough 3rd quarter for the company.
They believe in doing this they will better align with the current operating environment and will be able to refocus as an omni-channel retailer.
There is no news of bankruptcy yet.
Read more about the Pier 1 Imports Store Closings Here.
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