Home decor and furniture retailer Pier 1 Imports announced on Jan. 6 that it intends to shut down up to 450 of its 936 locations “in order to better align its business with the current operating environment.”
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” said CEO and CFO Robert Riesbeck. “We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”
The company also plans to close some distribution centers and reduce corporate expenses, including a reduction in corporate employees.
Pier 1 has 11 locations on Long Island. Although the company did not reveal which locations may close, stores in Commack, Huntington Station, Bay Shore, Carle Place, New Hyde Park, Riverhead and Long Beach were listed as having “storewide” sales where customers could “save on everything.” Those locations also said they could not accept store pick-up orders, “due to the unique nature of this store.”
Stores in Lake Grove, Massapequa Park, Rocky Point and Freeport did not list sales.
The moves had some investors wondering if a bankruptcy filing was imminent.