Pier 1 Imports closing nearly half of stores as sales falter
(AP) - Pier 1 Imports is closing nearly half its 942 stores as consumers increasingly shop online for home goods.
The company said Monday it is closing up to 450 stores and will also shutter distribution centers. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas.
It didn't say how many workers will be impacted.
The home decor company said sales in its most recent quarter fell 13% to $358 million as store traffic fell. It reported a net loss of $59 million for the quarter, which ended Nov. 30.
Pier 1's shares fell 17% to close at $5.18 Monday. The stock fell another 10% in extended trading following the announcement of the store closures.