6 Connecticut Pier 1 Stores Doomed For Closure

SOUTH WINDSOR, CT — A half-dozen Connecticut Pier 1 Imports stores are doomed for closure, according to a published report and a list distributed to stores. The list, reviewed Friday, backs up a report by Business Insider published a day earlier.

Calls to stores also confirmed the closings.

Connecticut stores designated for closure are:

• South Windsor
• Avon
• Bristol
• Hamden
• Danbury
• Norwalk

Just when the closings will happen was uncertain Friday. Though liquidation sale signs were prominently displayed at the Evergreen Walk shopping center in South Windsor, a staffer answering the phone said no formal closing date was been released. When asked to elaborate, the staffer said the store would be open "for a little while longer."

Staffers answering phones in Norwalk and Avon also said no dates for shuttering have been released.

In a Jan. 6 announcement, the home decor company said it would 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.

Stores remaining open are:

• Enfield
• Glastonbury
• Newington
• Old Saybrook
• Southbury
• Branford
• Milford
• Fairfield

Robert Riesbeck, Pier 1's chief executive officer and chief financial officer, said "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."

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. Last week, 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.