Pier 1 to close up to half of its stores

Consumer

MIAMI, FLORIDA – APRIL 19: A Pier 1 Imports sign is seen on April 19, 2019 in Miami, Florida. The company announced that it’s shuttering as many as 45 locations this year or up to 15% of stores if they are unable to reach performance goals, sales targets, and reductions in occupancy and other costs. (Photo by Joe Raedle/Getty Images)

FORT WORTH, Texas (WJHL) — Home decor and furniture retailer Pier 1 may close hundreds of stores.

The company announced on Monday that it intends to shut down up to 450 of its 936 locations “in order to better align its business with the current operating environment.”

Pier 1 did not reveal which locations may close.

“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” said CEO and CFO Robert Riesbeck. “We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”

The company also plans to close some distribution centers and reduce corporate expenses, including a reduction in corporate employees.

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