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Texas  + Retail  | 

Pier 1 Imports Closing Up to 450 Stores

Fort Worth, TX-based Pier 1 Imports, Inc. announced plans Monday to close nearly half of its stores. The struggling home goods retailer also reportedly may seek bankruptcy protection.

In order to better align its business with the current operating environment, Pier 1 intends to reduce its store footprint by up to 450 locations. To reflect the revised store footprint, the company also said it plans to close certain distribution centers and reduce its corporate expenses, including a reduction in corporate headcount.

Pier 1’s CEO and CFO Robert Riesbeck said, “Fiscal third quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise. 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. To further advance our progress, we are announcing additional actions today that will enable us to move forward with an appropriately-sized store footprint and operating structure as an omni-channel retailer, and better position Pier 1 to meet our customers where they shop.”

In its latest financial update, the company said net sales decreased 13.3% to $358.4 million compared to the third quarter of fiscal 2019; and reported a $59-million net loss for the third quarter of fiscal 2020. The retailer operated 942 stores in the United States and Canada at the end of its latest quarter. Its stock price has fallen from $300 a share in 2015 to around $5 this week.

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For comments, questions or concerns, please contact Dennis Kaiser

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Inside The Story

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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