Pier 1 Imports to Shutter Up to 450 Stores

by Katie Lee

Fort Worth, Texas — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, Texas, intends to shutter up to 450 stores, which represents nearly half of its current store count of 936.

The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omnichannel operations and allow it to move forward with an “appropriately sized store footprint.”

Pier 1 has hired a third-party liquidator to help manage the store closings. The locations of the closing stores and distribution centers were not disclosed.

“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,” says Robert Riesbeck, who took over as Pier 1’s CEO in November 2019 and CFO in July 2019. “Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision.”

Bloomberg reports that Pier 1 plans to file for bankruptcy, though that was not included in the retailer’s announcement.


— John Nelson


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