Twelve regional Pier 1 Imports stores face the prospect of closing after the home furnishings retailer announced plans to shut down up to 450 of its 942 stores.
Pier 1 Imports did not announce which stores it planned to close, or what timeline it would pursue in the shuttering of retail operations.
In Fairfield County, Pier 1 Imports has stores in Danbury, Fairfield and Norwalk. In the Westchester-Hudson Valley market, the retailer can be found in Bedford Hills, Middletown, Mohegan Lake, Newburgh, Port Chester, Poughkeepsie, Spring Valley, White Plains and Yonkers.
The company has been experiencing financial tumult, with sales declines recorded across the last nine fiscal quarters. For the fiscal quarter that ended Nov. 30, Pier 1 Imports announced a $59 million loss, compare with the loss of $50.4 million from a year ago, while net sales fell to $358.4 million from $413.2 million a year ago. Same-store sales fell 11.4% in the most recent fiscal quarter and the company”™s stock plummeted by more than 40% over the past 12 months.
“Fiscal third quarter sales and margins remained under pressure,” CEO Robert Riesbeck said 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.”
