Pier 1 Imports to close dozens more stores this year
Pier 1 Imports is shuttering even more stores in 2019.
An official spokesperson for the popular home furnishing retailer announced this week that the company will close 57 more stores this year -- 12 more than it initially planned for -- as part of its strategy to turnaround the brand's revenue.
The additional closures and turnaround plan come as a result of multiple dismal quarterly earnings reports and the ongoing U.S.-China trade war.
"We’ve been taking actions to reduce our exposure to China since last summer by leveraging the strength of our global sourcing team,” interim CEO Cheryl Bachelder explained in an earnings call this week. “With the advance of tariffs, we’ve carefully reviewed our assortment and implemented price increases to mitigate a portion of the tariff increases.”
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If the chain's revised approach is unsuccessful, Bachelder noted they may take additional action.
"If we are unable to achieve our performance goals, sales targets and reductions in occupancies and other costs, we could close up to 15% of our portfolio," she said.
Pier 1 has 967 stores remaining.
