Pier 1, With 14 Connecticut Locations, Closing Hundreds Of Stores

GLASTONBURY, CT — The exact fate of 14 Connecticut Pier 1 Imports stores was uncertain in a Monday announcement that the home decor company will be closing up to 450 of its locations.

The move was outlined in an earnings report that reflected a 13 percent loss in sales that translated to a net monetary loss of $59 million for its third quarter, which ended Nov. 30.

Texas-based Pier 1 has stores scattered from Hartford to New Haven to Fairfield counties. They include:

• Enfield
• South Windsor
• Glastonbury
• Newington
• Avon
• Bristol
• Old Saybrook
• Southbury
• Hamden
• Branford
• Milford
• Fairfield
• Norwalk
• Danbury

There is also a store frequented by Connecticut customers just over the Greenwich line in Port Chester, NY.

Said Robert Riesbeck, Pier 1's chief executive officer and chief financial officer, "Fiscal third quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise. Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives. To further advance our progress, we are announcing additional actions today that will enable us to move forward with an appropriately sized store footprint and operating structure as an omni-channel retailer, and better position Pier 1 to meet our customers where they shop."

In customer speak, that means competing with the online retail world and being popular with the younger audience, or, according to the earnings statement, "better" aligning business with "the current operating environment."

The earnings report did not outline which stores were closing, nor did it say how many employees would be affected. Some distribution centers would also be closing, according to the report. A third-party liquidator has been retained to help manage the store closings, according to the report. On Monday, the company received consent from its lenders under the Revolving Credit Facility to reduce "the store footprint."

Riesbeck said, "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."

Pier 1 was founded with a single store in 1962 and features "unique" home decor and accessories. The company currently operates 936 stores in the U.S.