Nearly half of Pier 1’s stores face closure amid bankruptcy fears
Photo | Courtesy of Pier 1 Imports
Pier 1 Imports could close one or more of its Central Massachusetts stores.
The four Pier 1 Imports stores in Central Massachusetts could close as the imported home furnishings retailer announced Tuesday it plans to downsize to avoid bankruptcy.
The company said up to 450 of its 942 stores are under consideration for closure, but it did not name specific locations. The Texas–based company operates Central Massachusetts stores in Bellingham, Framingham, Leominster, and Shrewsbury.
The announcement came on the heels of disappointing third quarter results. In an earnings report on Tuesday, the publicly-traded company reported net sales fell 13% to $358 million, compared to $413 million for the period one year ago.
Comparable sales decreased 11.4% compared to the year ago period while gross profit totaled $110 million, down from $130 million for the third quarter of 2018.
In the entire retail industry, last year set a record year for the number of U.S. store closures, according to Coresight Research, a New York City company providing data on retailers and technology.
More than 9,300 locations industry-wide closed in 2019. That’s up more than 50% from the total closures in 2018, which amounted to 5,844, Coresight said. Previously, the record was the 8,069 store closures in 2017.
Pier 1 did not return a call seeking comment.
WBJ Web Partners
Most Recent
Most Recent
2 Comments