FORT WORTH, Texas – The Texas-based home goods store Pier 1 Imports is considering closing 45 more stores after already permanently shutting down dozens of locations.
On Wednesday, the home decor store announced to its investors that during the 2019 fiscal year’s fourth quarter sales decreased by 13.7 percent.
Breakdown:
- Net sales: Decreased 19.5 percent
- Net loss: $68.8 million or $.85 per share
- Borrowings: $50 million
A total of 30 stores have already closed, and there is no word on how many employees that is impacting. Leases are expiring for the 45 stores slated to close in 2020.
The company says that up to 15 percent of its remaining stores could end up on the chopping block if the company doesn’t meet its performance and sales goals.
“As anticipated, our fourth quarter sales and profitability were disappointing and reflect the execution issues we identified earlier in the year and have been working with urgency to correct,” said the Interim CEO Cheryl Bachelder.
RELATED l Luby's Restaurants Closing While Struggling With Debt