Pier 1 to close more stores
20 to 30 units slated to shut down
By Furniture Today Staff -- Furniture Today, January 20, 2008
New York — Pier 1 Imports will probably close up to 30 stores next fiscal year and not open many, if any, as it continues to focus on improving its operations, an executive of the Fort Worth, Texas-based retailer said last week.
"We're being very pragmatic as we look at real estate," said Pier 1 Chief Financial Officer Charles Turner during a presentation here at a Cowen and Co.'s annual consumer conference.
"We're planning almost zero openings and we will probably close 20 to 30 stores next year," mostly through lease terminations, he said.
Pier 1's current fiscal year ends March 1.
The Top 100 company, with 1,128 stores in North America, has continued to hone operations, improving its merchandising strategies, and evaluating supply chain flow and other facets of its core business, having exited the side businesses of e-commerce, clearance stores and Pier 1 Kids stores.
Turner said that in furniture, stores will carry more small, functional pieces and impulse items and perhaps fewer case goods collections ("more night-stands instead of armoires").
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