Business has been rough for for Pier 1 Imports these days, with the company announcing Monday (January 6th) that it will be closing up to 450 stories, nearly half of its 942 locations in the U.S. and Canada. This comes as no surprise with rumors of the company filing for bankruptcy looming.
According to PulseofRadio, Pier 1 has been struggling to complete with cheaper home decor sites like Wayfair, Kirkland’s and Home Good’s. Investors believe a bankruptcy filing might be coming, backed up by Pier 1 adding two members to its board yesterday who have expertise in corporate restructuring. Pier 1 reported a net loss for the quarter that ended at the end of November of $59 million.
