Pier 1 Imports announces it will close almost half of its stores nationwide
Pier 1 Imports financial struggles continue, this time in the form of store closures and potential bankruptcy filings.
Bloomberg reported Monday that the Fort Worth-based home retailer is planning on shutting down 450 of its 942 stores and will lay off 40% of its corporate workforce. The company has also reportedly drafted a bankruptcy plan.
Pier 1 has been struggling in recent years.
The company replaced its CEO, but the leadership change didn’t stop corporate layoffs or store closures last year.
As of Monday, shares in Pier 1 dropped by 17% to $5.17 a share.
This story was originally published January 6, 2020 at 4:46 PM.
Carla Jimenez
Fort Worth Star-Telegram