More Closings In Store for Pier 1?
When Pier 1 releases its third-quarter stats next week the retailer is expected to announce significant store closings as well as continued financial under-performance.
Bloomberg reports that Pier 1 “expects to announce the new round of shutdowns when it reports results for its third fiscal quarter next week, according to people with knowledge of the plan. The company aims to restructure out of court, in part by closing stores and using the savings to boost liquidity.”
Pier 1 has reported eight consecutive quarters of falling sales and six consecutive quarters of losses amid increased online competition. This summer the retailer announced it planned to close 57 stores this fiscal year, up from its previous estimate of 45.
In November, the struggling home goods retailer named Robert Riesbeck as chief executive officer and as a director of the company.
“I welcome the opportunity to take on this expanded role and lead one of the best brands in the home sector forward, continuing the progress that set in motion with our fiscal 2020 action plan,” Riesbeck said at the time of his appointment. “I am excited to be working alongside a highly capable management team and passionate associates to delight our customers and drive the execution of Pier 1’s turnaround plan through fiscal 2020 and beyond.”