Pier 1 Imports is closing half of its stores—about 450 of them
Pier 1 Imports is trimming its sales—about 450 of them.
The news comes amid swirling rumors, unconfirmed, that the retailer will file for bankruptcy soon. Such a move would not be unexpected given the task of getting out of store leases without the benefit of bankruptcy proceedings. Along with the store closings, a timetable for which was not announced, the company said it would cut its headquarters staff as well as some distribution centers. Bloomberg has reported the staff cuts amount to 40% of its corporate staff, or about 300 people. Pier 1 has not commented on these reports.
Trading in the company’s stock was halted mid-afternoon on Monday after falling nearly 17% and that continued to decline in after-hours trading.
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