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Add Pier 1 to List of Retailers That Will Have Store Closures

It's only going to get harder to find quality pillows.

Pier 1 Imports Announces Its Closing Over 400 Stores
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While Amazon had a record-breaking holiday season in 2019, brick-and-mortar retail stores weren't as fortunate. Now, one of our favorite budget decor stores, Pier 1 Imports, is the latest name added to the list of stores closing in 2020, which also includes retailers like Sears, Kmart, Forever 21, and Walgreens.

On Monday, Pier 1 Imports announced in a press release that it will close 450 stores as well as an unspecified amount of distribution centers. Furthermore, the company will reduce corporate expenses by cutting down its corporate headcount. This news was delivered along with the results of the company's third fiscal quarter of 2019, which revealed losses across the board.

"Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision. We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers," said Robert Riesbeck, Pier 1 Import's Chief Executive Officer and Chief Financial Officer.

As of November 30, 2019, Pier 1 Imports had 942 store locations across the United States and Canada, as well as 4,000 employees as of March 2019, reports Bloomberg. This means that almost half of Pier 1's stores will close. While the press release does not specify how many employees will lose their jobs, Bloomberg got word that corporate cutbacks would affect around 300 employees.

No date has been provided of when Pier 1 stores will start to close, however, it is mentioned that a third-party liquidator will be handling the closings. As for now, I guess we'll just take advantage of their current deals (like 20% off all indoor furniture!) and hope our local store doesn't get shuttered.

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