Article

2020-01-07 Economy

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 01:44|| || Front Page|| [11133 views ] Top

#1 Selling Chinese imports be hard.

Posted by Besoeker 2020-01-07 01:46|| 2020-01-07 01:46|| Front Page Top

#2 ..yeah, when everyone else got into the act.

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.

Oh, yeah, hiring bean counters is usually to road to orderly bankruptcy.

Posted by Procopius2k 2020-01-07 07:26|| 2020-01-07 07:26|| Front Page Top

#3 Internet has killed so many of these brick and mortar. To bad, enjoyed Pier 1.

Posted by Woodrow 2020-01-07 09:11|| 2020-01-07 09:11|| Front Page Top

#4 Chinese-made dust collectors litter the house; can't say I am sad to see them go; maybe they can swing by on their way out and pick up this crap....

Posted by USN, Ret. 2020-01-07 10:57|| 2020-01-07 10:57|| Front Page Top

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