Pier 1 Imports announces closure of up to 450 locations

News

FORT WORTH, Texas — Pier 1 Imports, Inc. officials announced on Monday that the home decor chain will close up to 450 locations nationwide.

There are two locations currently in our area, one in Panama City Beach and another in Destin.

The announcement was made in the company’s third quarter fiscal 2020 report.

According to the report, the company’s net sales decreased 13.3 percent compared to the third quarter of fiscal 2019.

Pier 1 Imports has also experienced a net loss of $59 million this year.

Pier 1’s CEO and CFO, Robert Riesback, said in a statement that the company is moving forward with an ‘appropriately sized store footprint and operating structure.’

Nearly half of the chain’s 942 locations could be closing.

No word yet on which stores those will be, but the company reports that they are using a third-party liquidator to manage the closures.

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