FORT WORTH, Texas — Pier 1 Imports is closing virtually half its 942 stores because it struggles to blueprint customers and compete online.
The home decor company acknowledged Monday it’s closing as much as 450 stores and must collected furthermore shutter distribution products and providers. It did not sigh where the store closures would occur, nonetheless it operates stores in the U.S. and Canada. Pier 1 furthermore plans layoffs at its corporate headquarters in Citadel Worth, Texas.
The company did not sigh how many workers will seemingly be impacted.
The moves had some investors questioning if a economic extinguish filing used to be drawing near near. Also Monday, Pier 1 added two participants to its board with expertise in corporate restructuring.
Pier 1’s shares fell 17% to discontinuance at $5.18 Monday. They fell one other 8% in prolonged procuring and selling following the announcement of the store closures.
Pier 1 named a novel CEO with a background in corporate turnarounds in November. Robert Riesbeck beforehand served because the corporate’s chief financial officer.
“Even supposing choices that impression our mates are by no means easy, reducing the assortment of our brick-and-mortar areas is a chief enterprise determination,” Riesbeck acknowledged Monday in an announcement.
Pier 1 acknowledged gross sales in its most most standard quarter fell 13% to $358 million as store traffic fell. It reported a gain lack of $59 million for the quarter, which ended Nov. 30.
The company — which used to be founded in California in 1962 — has been trying to revamp its cluttered stores and alternate its choices to allure more to younger customers. Nevertheless it’s struggling to compete with funds-friendly home decor sites love Wayfair.