Pier 1 Closing Stores; Future at Mall Unknown
FORT WORTH TX – Pier 1 Imports Inc., the home decor retailer that currently operates 942 stores in the U.S. and Canada – including one at Pottstown’s Coventry Mall on Route 724 – in a statement Monday (Jan. 6, 2020) said it would close up to 450 of them and some distribution centers in an effort to cut costs. It plans corporate layoffs too.
It’s as yet unknown if the mall location, as well as one nearby in Wyomissing, Berks County, will be affected. The statement did not specify which sites would be abandoned, but noted the company would use “a third-party liquidator to help manage the store closings.”
Pier 1 last November brought in a new chief executive, Robert Riesbeck, with a background in corporate turnarounds. He previously served as the company’s chief financial officer. “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.
The company was founded in California in 1962. Sales during its most recent quarter, ending Nov. 30, fell 13 percent to $358 million as store traffic declined. It reported a net loss of $59 million for the quarter.
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