The home decor company said Monday it is closing up to 450 stores and will also shutter distribution centers. It didn't say where the store closures would occur, but it operates stores in the
The company didn't say how many workers will be impacted.
The moves had some investors wondering if a bankruptcy filing was imminent. Also Monday, Pier 1 added two members to its board with expertise in corporate restructuring.
Pier 1's shares fell 17% to close at
Pier 1 named a new CEO with a background in corporate turnarounds in November.
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision," Riesbeck said Monday in a statement.
Pier 1 said sales in its most recent quarter fell 13% to
The company — which was founded in
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