Pier 1 considering 45 more closures as company continues to struggle

Pier 1 Imports is considering closin gup to 45 locations.

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Pier 1 Imports is considering closin gup to 45 locations.

Pier 1 Imports, Inc. is considering closing up to 45 locations as it continues trying to adjust to a changing retail landscape.

The potential closures would add to 30 that closed last year, according to a company statement. As the home goods retailer continues its store portfolio review, it could increase the store closure count to 15 percent of its total fleet.

Pier 1 recorded a net loss of $68.8 million or 85 cents per share in the fourth quarter of last year.

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Comparable sales at the company dropped 13.7 percent in the same time. Shifting of holiday selling days last year may have impacted the results, according to the release.

In addition to potentially closing stores, the company is identifying cost savings to decrease net losses.

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“We are continuing to focus on opportunities and initiatives to help drive incremental benefits in the coming years, creating the runway to return our brand to long-term health and sustainable financial performance. I am pleased to see our teams executing against our new action plan with urgency and believe our customer will return to a revitalized Pier 1 this fall,” said Cheryl Bachelder, interim CEO.

There are Pier 1 stores in Beavercreek and Miamisburg, according to the company’s website.


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