Pier 1 Imports plans to close up to 450 locations, including the one in Stafford Marketplace.
That leaves 16 stores in Virginia, including the one in Central Park shopping center in Fredericksburg, which its manager confirmed is not among those slated for closure.
Pier 1 has posted eight straight quarters of declining sales and losses amid a raft of new competitors, including Wayfair and Walmart. Amidst reports of an imminent Chapter 11 bankruptcy filing, the home goods retailer said in a recent earnings report that the decision to reduce its store footprint by about half is needed “to better align its business with the current operating environment.”
The company is also planning to close some distribution centers, reduce headquarters staff and use a third-party liquidator to help manage store closings. Pier 1 had 942 outlets in the U.S. and Canada as of Nov. 30, with 4,000 employees as of March 2019.
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer, said in the earnings report.