if you're a fan of Pier 1 Imports, you may have started to notice that local stores are having closing sales, following the company's announcement in September that it would be shuttering at least 70 locations.
Stores in Hawaii and Alaska are holding liquidation sales before Pier 1 Imports closes all of their retail sites in those states. The home decor company declined to share the other locations that may soon be closing, but said the closures were a "strategic business decision."
"We are committed to having a substantial, national store presence as a cornerstone of our go-forward strategy. At the same time, we are working to optimize our footprint to align with the needs of the business. We have previously announced our decision to close 70 stores and that we expected that number could increase," Jennifer Engstrand Reeder, spokeswoman for Pier 1, told TODAY Home.
The closures come as Pier 1 is fighting to stay afloat and not become another retail casualty of 2019. In its most recent quarter, the company reported that net sales were down 14.3% compared to the same time last year.
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The company told investors the decline was due to fewer people coming into their brick-and-mortar stores, as well as the "merchandise mix" Pier 1 had in stores this year. At the end of the last quarter, Pier 1 operated 951 stores.
The home decor company is one of many retailers that have struggled to stay afloat or have been forced to close their doors as more people shift to buying items from Amazon and other online giants, including Overstock and Wayfair.
Dozens of large retailers have filed for bankruptcy protection in the last three years, including Sears, Gymboree, Claire's, Nine West and Payless Shoe Source. Forever 21, another mainstay of shopping malls, filed in September and announced a plan to close hundreds of stores.