Pier 1 closing stores
By Furniture Today Staff -- Furniture Today, February 16, 2009
FORT WORTH, Texas — FORT WORTH, Texas — Pier 1 imports said it may close as many as 125 stores and will shut down its 514,000-square-foot distribution center in St. Charles, Ill., as part of a cost-cutting effort.
The struggling home furnishings retailer also said it will cut 10% of its full-time positions in the distribution center, office and field administration areas, but did not disclose the number of people who will be let go.
Pier 1 said it has hired DJM Realty to help in negotiations with landlords for rent reductions. It said that if the negotiations are not successful it “may lead to execution of early termination agreements for up to 125 underperforming store locations.”
The 1,100-store Fort Worth-based company expects to incur costs of about $5 million related to the cost-cutting moves.
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Pier 1 may close 125 stores
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