Pier 1 Imports, the specialty furniture chain once hailed as a trendy destination for young professionals, recently announced that it might close up to 450 of its 936 stores, as well as some distribution centers, and lay off an unspecified number of corporate employees.
The company is the latest big-name retailer to announce sweeping closings and job cuts as it struggles with declining store visits and changing consumer tastes. Pier 1 made the announcement while reporting a quarterly sales decline of 13 percent and a loss of $59 million.
Pier 1, which traces its roots to a store in San Mateo, Calif., in 1962, is the first national chain to announce major store closings this year. It was an ominous note after a grim 2019 for brick-and-mortar retailers.
Bankruptcies last year included major names like the fast-fashion empire Forever 21, the luxury department-store chain Barneys New York, Payless ShoeSource and Charlotte Russe.