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Pier 1 to Close 450 stores

The number represents nearly half of the retailer’s current fleet

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Struggling home goods retailer Pier 1 (Ft. Worth, Texas) will close 450 of its stores, according to NBC News. The stores account for approximately half of its current fleet of stores in the U.S. and Canada.

“Fiscal third-quarter sales and margins remained under pressure,” said CEO Robert Riesbeck in a statement. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives.”

Pier 1 also plans to close some of its distribution centers as well as reduce its headcount at corporate headquarters. It has reported quarterly sales declines for the past two years.
 

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