Pier 1 Imports Increases Store Closures To 57

(RTTNews) - Home furnishings retailer Pier 1 Imports increased its planned store closures to 57 stores by its 2020 fiscal year ending in March, and more closures are likely. This was disclosed by the company's interim CEO Cheryl Bachelder during its quarterly earnings call meeting with analysts.

This is up by a dozen from the estimated 45 stores announced by the company in mid-April. Pier 1 was seeking occupancy cost reductions.

The company has been struggling to keep pace with competitors such as Amazon, Walmart, Wayfair and TJ Maxx. It has been reportedly struggling for the products not reflecting the latest trends, resulting in lesser footfalls.

After closing 30 stores in fiscal 2019, the company said in April that it was considering closing up to 45 locations in fiscal 2020 as leases expire. It also said then that the the number could rise up to 15 percent of stores if the company is unable to achieve performance goals, sales targets, and reductions in occupancy and other costs.

Founded with a single store in 1962, Pier 1 Imports is a leading omni-channel retailer of home décor and accessories, available at more than 965 Pier 1 stores in the U.S. and Canada and online at pier1.com.

In December last year, Pier 1 Imports' CEO Alasdair James had stepped down and the board has been finding ways to turn around the company.

The company said it remains on track to achieve the previously outlined benefits of $100 million to $110 million this year and now expect the substantial majority of those benefits to be realized through cost reductions. The planned expense savings expected to be realized in the second half of fiscal 2020.