Pier 1 Imports to shutter 57 stores and possibly more, interim CEO says
Home retailer Pier 1 Imports will be closing 57 stores — 12 more than it originally estimated — in the fiscal year.
The Texas-based company’s interim CEO Cheryl Bachelder said the store closures are an increase from what they previously said in an April earnings call, USA Today reported.
“If we are unable to achieve our performance goals, sales targets and reductions in occupancies and other costs, we could close up to 15 percent of our portfolio,” she said.
Bachelder also commented on the tariffs imposed from China.
“In fact, we’ve been taking actions to reduce our exposure to China since last summer by leveraging the strength of our global sourcing team,” she said. “With the advance of tariffs, we’ve carefully reviewed our assortment and implemented price increases to mitigate a portion of the tariff increases.”
In April, Pier 1 Imports said it could close dozens of stores in fiscal 2020 amid a significant decline in sales. On Wednesday, the retailer reported a loss of $81.7 million in its fiscal first quarter. The company said it had a loss of $19.97 per share. The home décor retailer posted revenue of $314.3 million in the period.
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Pier 1 isn't the only retailer closing stores this year. Discount shoe retailer Payless will close of all its stores in the U.S. in the coming months. Dress Barn, too, said it would close all of its approximately 650 store locations.
Fox Business’ Thomas Barrabi and The Associated Press contributed to this report.