If you’re a fan of Pier 1 Imports, prepare yourself for some bad news. After announcing in April that the store would be closing 45 locations, they have added 12 more stores to the list, for a total of 57.
Interim CEO Cheryl Bachelder warned in April that more closures may be coming soon, and that they could see closures of up to 15% of their stores.
Pier 1 did not say which locations are slated for closure.
On Thursday, Pier 1 Imports released their financial results for the first quarter, which ended on June 1. The company’s net sales decreased 15.5% to $314.3 million compared to the first quarter of last year, and they face a net loss of $81.7 million.
“Our teams are laser focused on the initiatives under our fiscal 2020 action plan, which is designed to reset our operating model and rebuild our business for the future,” Bachelder said a statement. “We believe Pier 1 has strong brand equity and a loyal customer who will return for the right style stories in our assortment.”
There may be good news for consumers who still have Pier 1 locations near them, however. Bachelder said they will begin taking “aggressive clearance actions to move through lower-priced, lower-margin goods and ensure we provide our customers with a strong, on-brand style statement for fall.” That means you may be able to find decent prices on fall goodies this year.
According to USA Today, Pier 1 now has around 965 stores still in operation. They sell furniture and home decor accessories, such as candles, pillows, rugs and cushions.
Pier 1 is just another on a long list of brick-and-mortar retailers closing up shop, including Lowe’s, which closed 51 stores earlier this year. Other stores that have closed locations recently include JCPenney, Sears and Victoria’s Secret and Toys R Us.
Is Pier 1 Imports on your list of favorite places to shop?
Kaitlin is a freelance multimedia journalist with a degree in journalism and psychology. Along with Don't Waste Your Money, she also writes for Simplemost, where she covers new product and food launches and overall general news. You can email her at [email protected] or find her on Facebook at Facebook.com/KaitlinGatesWrites. More.
