Pier 1 Announces Its Closing 70+ Stores
Yesterday, we told you about how Forever 21 was filing for bankruptcy, which could mean store closures, but that wasn't the only major retailer that delivered bad news. Pier 1 announced that it will be closing at least 70 of it's stores.
According to FurnitureToday.com, Pier 1's interim CEO, Cheryl Bachelder, made the announcement on a call with investors.
On the call, Bachelder also said, "“If we are unable to achieve our performance goals, sales targets and reductions in occupancy and other costs, we could close up to 15% of our portfolio.” FurnitureToday.com says 15% would be about 140 stores.
The Motley Fool says that HomeGoods has been "a major factor in Pier 1 Imports' downward spiral."
According to Pier 1's website, the store started with a single location, in San Mateo, California, in 1962. The store catered to "post-World War II baby boomers looking for beanbag chairs, love beads and incense." (What...no lava lamps?)
There are several Pier 1 stores in our area, including on Route 1 in Princeton, Hamilton Marketplace, and The Court at Oxford Valley.