It’s hard to believe but after so many years, Pier 1 is finally deciding to close its doors on half of the stores throughout the country.
Pier 1 stores made the announcement in January that some 450 locations will be closed. It is also planned to shut down distribution centers and to reduce the headcount at corporate.
USA Today reported that this will mean almost half of the 942 stores owned by Pier 1 will be closed. Details have not yet been released on which stores will be closed, but you better head to your local store soon to grab some last-minute furniture or decorative items.
Pier 1’s Chief Executive Officer and Chief Financial Officer Robert Riesback gave some insight as to why the decision was made.
“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.”
He 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.”
The statement doesn’t mention that things will be closed permanently but considering all of the stores that have closed in recent years, we’re feeling a little uneasy about it.