Pier 1 to Close 25 Stores Over Next Year
Pier 1 Imports has plans to close up to 25 stores over the next year. During the company’s earnings call this week, executives reported net sales decreasing 3.4 percent for the full year, as well as the average number of stores declining 3 percent. Pier 1 operates more than 1,000 stores, and closed four of them during its fourth quarter.
Total Retail’s Take: Although Pier 1’s net sales decreased 2.6 percent year-over-year, the company saw a 28 percent jump in e-commerce sales. By closing more stores, Pier 1 is investing more resources into growing its e-commerce business even more. Store closings — and the associated job losses that come with them — are never good news, however, Pier 1 is trying to future-proof its business for the continued consumer shift to digital.