Pier 1 has announced it will close 450 stores.
In the company’s third-quarter financial report they cited net sales decreased by 13.3% which led to a net loss of $59 million. As of the writing of this article, Pier 1 had not released a list of stores to close. In Rutherford County, there is one Pier 1 location at 1971 Old Fort Pkwy in Murfreesboro.
Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer said in the company report, “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. To further advance our progress, we are announcing additional actions today that will enable us to move forward with an appropriately sized store footprint and operating structure as an omni-channel retailer, and better position Pier 1 to meet our customers where they shop.”
Those actions stated will include the closure of 450 stores. In addition, they will close selected distribution centers and reduce corporate headcount.
Mr. Riesbeck added, “Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision. We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”
About Pier 1 Imports, Inc.
Founded with a single store in 1962, Pier 1 Imports is a leading omni-channel retailer of unique home décor and accessories. The Company’s products are available through 936 Pier 1 stores in the U.S. and online at pier1.com. For more information or to find the nearest store, please visit pier1.com.