Pier 1 Closing 140 Locations
It’s been a rough year for retail. As we are preparing to head into the busiest shopping season of the year, another stalwart of home furnishings and accessories is shuttering some of their brick and mortar stores around the USA.
Pier 1 Imports, based out of Fort Worth, Texas, will be closing over 140 stores, or about 15% of their locations.
According to International Business Times, 70 stores have closed already this year, with 951 still operating nationwide. They also suffered a $100.6 million loss in the second fiscal quarter of the year.
The company had previously announced in April that they would be closing only 45 stores, but that jumped to 57 by June. The New York Stock Exchange also warned the company for a second time that if prices went below a $1 a share, they would be de-listed.
And IBT also says the company ‘may also be heading towards bankruptcy, according to S&P’. No word at this time on whether any Acadiana locations would be shuttered.
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