Up to 450 Pier 1 Imports Stores Could Be Closing Their Doors
Is it another sign of the times that brick and mortar are failing in the battle to beat free shipping from Internet providers? It sure sounds like it. Officials with Pier 1 Import stores say they are expecting to close up to 450 of their stores and perhaps cutting as much as 40% of their workforce as the company prepares to file for bankruptcy protection.
This is an increase in projected store closings that the company made late last year.
The 450 locations across the nation make up about 50% of the Fort Worth Texas-based retailers storefronts. Documents released by the company suggest that sales at the chain were well off of holiday sales expectations. The company reportedly has seen a 13% decrease in sales over the third quarter of 2019.
Pier 1 Imports was founded in 1962 and currently operates 936 locations across the country. The store also offers online sales. There have not been any mentions of what locations might be shuttered in the financial restructuring.
Pier 1 currently operates a dozen storefronts in Louisiana. The stores are located in the Greater New Orleans area, Baton Rouge, Shreveport, Lafayette, Lake Charles, Houma, and Monroe.