Pier 1 Might Have Just Revealed Which Stores It's Closing
The company just deleted more than 260 locations from its website.
If you've been thinking about updating your home with new, trendy furnishings and decor, the time is now. That's because Pier 1 just revealed it is closing up to 450 of its existing 942 stores.
The company announced the closings in a news release on January 6. Although Pier 1 did not immediately disclose which exact locations would shutter, Business Insider reports the company erased more than 260 stores (across 43 states) from its website, which is strong evidence these locations will shut their doors. Business Insider contacted 20 random stores on the list, and employees from each location confirmed their respective stores are, in fact, closing.
The decision comes after a dismal third-quarter financial report, which notes a decrease in net sales and inventory, among other losses. Robert Riesbeck, Pier 1’s chief executive officer and chief financial officer, says the company plans to see better financial results through a business transformation, which includes store closings, distribution center closings, and a reduction in employees.
"Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision. We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers," Riesbeck says in the release. The company added that a third-party liquidator will "manage the store closings." This could potentially mean major sales, so you should stop into your local store to see if it's offering any deep discounts.
Along with the closings and lay-offs, Bloomberg reports that Pier 1 will also file for Chapter 11 bankruptcy. According to the U.S. Courts' website, Chapter 11 bankruptcy is often called "reorganization" bankruptcy and is usually filed by businesses. The filing allows companies to stay open while restructuring the corporation to hopefully keep operating in the future.
Pier 1 is currently offering a couple of deals for Martin Luther King Jr. Day, including buy four, get two free on table decor and buy one, get one free on three-wick candles. Whether your location is shutting its doors, this sale is one you should check out.