Pier 1 will close up to 450 stores
Source: CNN
New York (CNN Business)Pier 1 Imports will close nearly half of its stores and is reportedly nearing a bankruptcy filing.
The home goods retailer has been struggling for years against rising pressure online and from big-box rivals. Its stock, which was at $300 a share in 2015, is trading at around $5 today.
Pier 1 (PIR) shares tumbled nearly 17% Monday. after Bloomberg reported the news of a potential bankruptcy.
Pier 1 operated 942 stores in the United States and Canada at the end of its latest quarter. It said Monday that it will close up to 450 stores "in order to better align its business with the current operating environment." Pier 1 will also close distribution centers and lay off corporate employees.
<more>
Read more: https://www.cnn.com/2020/01/06/business/pier-1-imports-bankruptcy/index.html
riversedge
(70,299 posts)something small or as a gift. sorry to see them close. it will not be the same on line.
NurseJackie
(42,862 posts)mcar
(42,372 posts)NurseJackie
(42,862 posts)iluvtennis
(19,871 posts)riversedge
(70,299 posts)hlthe2b
(102,357 posts)Trying to support local shops just isn't working when the internet is taking over everything.
Most have long since given up on Sears. I still feel sad about it. Losing Pier 1 is a loss to me. And I will REALLY be devastated if Bed Bath & Beyond goes.
NurseJackie
(42,862 posts)I collect BBB coupons and keep them in my truck... because I rarely "plan" a visit there, it's usually impulsive and on the spur of the moment.
Is the perpetual and non-expiring 20% coupon going to be their downfall? This tells me that everything there is already overpriced by at least 20% and I feel like I'd be foolish to purchase anything without a coupon. So... when I don't have a coupon handy, I don't go there.
hlthe2b
(102,357 posts)I don't waste money now like I used to earlier in life so I generally know pretty close to the penny most items I buy there and if they are cheaper elsewhere. Those coupons either equalize the best deal possible or in some cases make it cheaper. Even when they are printed with exclusions for certain products/manufacturers, I've never had a BB&Y refuse it.
But, yeah, that, plus pretty liberal return policies may be hurting them.
irisblue
(33,022 posts)NurseJackie
(42,862 posts)rurallib
(62,448 posts)When Toys'R'Us went down to the vulture capitalists, I thought I remembered seeing Pier 1 as another coming victim of the vultures.
msongs
(67,441 posts)employees and creditors. its being romney-fied nt
Miigwech
(3,741 posts)Are we at crisis point as we were in 1930's ?... FDR came in to save capitalism ... who but the War mongers and the 1% are gonna save us now? History always repeats itself
Phoenix61
(17,019 posts)expensive. Between Home Goods, Ross, and Kirklands I havent bought anything there in years.
a kennedy
(29,706 posts)IronLionZion
(45,528 posts)Tariffs probably impact imported goods in many ways.
ck4829
(35,090 posts)onetexan
(13,058 posts)Would be great if WM buys out the remaining Pier 1 stores. We love the wine selection.
TexasBushwhacker
(20,214 posts)I don't see them buying Pier 1 though. World Market stores have much more square footage.
moonscape
(4,673 posts)the years including furniture and it has always been great quality and held up to be timeless.
Dadgummit!
LisaM
(27,830 posts)I do like shopping in stores, and it depresses me that it's getting harder to do. Pier 1 was always a fun store for me and I can't think of a time I didn't go in there and buy at least one thing. It's a fun store. Sigh.
ck4829
(35,090 posts)tavernier
(12,400 posts)And way overpriced.
ck4829
(35,090 posts)Another notch in the retail apocalypse of this "strong economy".
JustAnotherGen
(31,879 posts)It used to have a "Bazaar" feel - but now it feels like Crate and Barrel.
R B Garr
(16,975 posts)Their Christmas stuff seems to regularly sell out.
I had a return there over the holidays, and the clerk looked very sad about it, trying to suggest other things, etc. This explains her kind of down demeanor. Makes me sad now, too. These store closures are like the end of an era.
JCMach1
(27,572 posts)Huge markup on imported decorative items. Cut out the middleman and you get it for a fraction on Alibaba, Amazon, or Ebay
I have no doubt they we're overleveraged to massively build out their stores.