Can retail be rescued? Why so many U.S. stores are closing
Pier 1 Imports plans on cutting its corporate staff following several quarters of poor performance and store closings.
The company, headquartered in Fort Worth, announced Wednesday the intention to reorganize its staff. According to the Dallas Morning News, the cuts will result in a net 20 fewer jobs. As of last year, Pier 1 had 870 corporate employees.
The cuts will not affect employees at its stores.
The home decor retailer has felt the same crunch as the rest of the brick-and-mortar retail market, having to compete with online retail. Pier 1 has roughly 987 stores in the U.S. and Canada, though it has been going through several rounds of store closings throughout the country in the past year.
According to Reuters, on March 14 Pier 1 hired Kirkland & Ellis LLP, a firm that specializes in debt restructuring. While Kirkland is known to work on bankruptcies and other major debt restructuring deals, it’s unclear if Pier 1 will file for bankruptcy.
As of Friday afternoon, representatives at Pier 1 did not respond to requests for comment.