Pier 1 Imports will close its store at 422 South Lake Avenue as part of its survival plan to shutter roughly half its stores in a bid to stay afloat amid years of falling sales, according to media reports.
Pier 1 didn’t immediately return a request for comment about the closure.
The Fort Worth, Texas-based company is reducing its store footprint by up to 450 locations and it will close certain distribution centers. There will also be layoffs at the corporate level, the report added.
The announcement after Pier 1’s financial results for the third quarter ended November 30, 2019 were released on Jan. 6.
The home-goods outlet has posted seven straight quarterly losses.
“To reflect the revised store footprint, the company also plans to close certain distribution centers and reduce its corporate expenses,” the January 6 report said. “This includes a reduction in corporate headcount. In order to maintain the same high standards customers have come to expect and ensure a seamless experience for customers at these locations, the Company is utilizing the services of a third-party liquidator to help manage the store closings.”
The company added it has received consent from its lenders under the Revolving Credit Facility “to permit the reduction to the store footprint and related actions.”
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Robert Riesbeck, Pier 1’s CEO and chief financial officer, said. “We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”
Founded with a single location in 1962, Pier 1 Imports operated 936 stores in the U.S. as of Jan. 1.
To learn more about Pier 1 Imports, visit www.pier1.com