The home decor store will be closing up to half of their locations all over the country. Pier 1 cited lagging sales and excessive holdings for this decision.
Known for its moderately-priced furniture and quirky home goods, Pier 1 Imports Inc. will be permanently closing up to 450 locations nationally. This reflects almost a 50 percent decrease in their number of U.S. stores. The news was published in a recent quarterly investor report and was quickly picked up by news outlets everywhere.
Robert Riesbeck, Pier 1 Imports Inc.'s Chief Executive Officer and Chief Financial Officer, had this to say about the impending closures:
"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."
A list of the stores to be closed has not yet been released at the time of publication. Once it is made public, details about liquidation sales will be announced as well.
The business world is buzzing with the speculation that a bankruptcy filing could be coming soon. A quick look at their financial report seems to back that up. Simply put, Pier 1 hasn't adapted to the changing times. Their Twitter account hasn't been updated since January 2019. Their prices remain more geared toward suburban moms than thrifty millennials. From a style perspective, they specialize in whole room concepts instead of interesting, eco-friendly pieces.
What are your thoughts about losing another major retailer? Will you miss Pier 1 Imports? Sound off in the comments!