Pier 1 Imports Could Close 145 Additional Stores
Right on the heels of Bed Bath & Beyond announcing they're closing 40 stores, Pier 1 Imports reports it will close almost 150 additional stores.
Plunging sales prompts Pier 1 Imports to close even more locations. USA Today reports they could close as many 145 more stores in the fiscal year after it said financial results on Wednesday.
Cheryl Bachelder, interim Pier 1 CEO, says:
“As anticipated, our fourth-quarter sales and profitability were disappointing and reflect the execution issues we identified earlier in the year and have been working with urgency to correct."
Pier 1 Imports closed 30 stores in its last fiscal year that ended in March; there were 973 stores in the chain. USA Today reports:
The company is looking to close up to 45 more locations as leases expire and said that the number of closures could increase to up to 15% of stores if the company is unable to achieve its goals.
CNN Business reports that this year, US retailers have announced that 5,994 stores will close. That number already exceeds last year's total of 5,864 closure announcements, according to a recent report from Coresight Research.
Pier 1 Import locations in CNY include:
- New Hartford - 4799 Commercial Drive
- East Syracuse - 5788 Bridge St
- Clay - 4100 Rte 31
The company has not yet released a list of what stores will be closing.