FORT WORTH, Texas -- Pier 1 Imports is closing nearly half its 942 stores as consumers increasingly shop online for home goods.
It didn't say how many workers will be impacted.
Pier 1's shares fell 17% to close at $5.18 Monday. The stock fell another 10% in extended trading following the announcement of the store closures.
The company said Monday it is closing up to 450 stores and will also shutter distribution centers. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas.
It didn't say how many workers will be impacted.
The home decor company said sales in its most recent quarter fell 13% to $358 million as store traffic fell. It reported a net loss of $59 million for the quarter, which ended Nov. 30.
Pier 1's shares fell 17% to close at $5.18 Monday. The stock fell another 10% in extended trading following the announcement of the store closures.
It was not made immediately clear which stores will close.
Copyright © 2020 by The Associated Press. All Rights Reserved.
Business - Latest - Google News
January 07, 2020 at 06:58AM
https://ift.tt/2twsYA1
Pier 1 Imports closing nearly half of stores, planning layoffs as sales fall - KABC-TV
Business - Latest - Google News
https://ift.tt/2Rx7A4Y
Bagikan Berita Ini
0 Response to "Pier 1 Imports closing nearly half of stores, planning layoffs as sales fall - KABC-TV"
Post a Comment