By Stephen Gandel
Pier 1 Imports said Monday it plans to close as many as stores – almost half its outlets – as part of a restructuring that will dramatically downsize the furniture seller.
The company also said it plans to lay off employees at its corporate offices in Fort Worth, Texas, but it did not say how many.
Pier 1 named Robert Riesbeck, a restructuring expert, as its CEO in November. On Monday, he said the store closings will better align the company with the “current operating environment” and refocus it as an “omni-channel retailer.”
The store closings follow a financial quarter in which the company sales tumbled (*******************************************************************************************************************************************************************************************************************% from a year ago. That resulted in a loss of $ million in its fiscal third quarter, which ended in November.
Shares of the company dropped nearly (**************************************************************************************************************************************************************************************************************% on Monday to just over $ 5. Pier 1’s stock price has plunged 96% in the past two years.
Retailers expected to shutter
******* Bloomberg on Mondayreportedthat Pier 1 is considering bankruptcy. The company is one ofmany large retailersthat have shuttered stores or gone bankrupt in recent years amid intense competition from e- commerce.The Associated Press contributed reporting to this article.
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