Business & Tech
Pier 1 Imports, With 19 MD Stores, Closing Up To 450 Locations
Pier 1 Imports, which like many large retailers has struggled in recent years, has yet to release a list of the 450 stores to be closed.
MARYLAND — Home accessories chain Pier 1 Imports said Monday it would close hundreds of stores around the country. There's no list yet of the locations to close, including the fate of the retailer's 19 Maryland sites.
The company said up to 450 locations — about half of its total — would be closed to "better align its business with the current operating environment."
Pier 1 plans to close certain distribution centers and lower its corporate spending, as well as lay off workers at the corporate level. The company is using a third-party liquidator to help with the closings, noting that its lenders signed off on its plan to reduce its brick-and-mortar footprint.
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Robert Riesbeck, CEO and CFO of the retail chain thanked store workers for their hard work and commitment to serving customers.
"Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision," he said in a statement.
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The planned closures come as the company faces smaller foot traffic.
Net sales for the third quarter plummeted more than 13 percent to $358.4 million. That number was $413.2 million in the same quarter for the previous fiscal year. Company comparable sales fell more than 11 percent compared to same period a year ago.
The company also said there will be layoffs at the corporate level.
The Maryland locations include stores in Pasadena, Annapolis, Gambrills, Laurel, Bowie, Columbia, Catonsville, Nottingham, Baltimore, Hunt Valley, Bel Air, Rockville, Easton, Gaithersburg, Westminster, Waldorf, Frederick, California, Salisbury.
Related: Maryland Chain Retailers That Closed Stores In 2019
Last fall, Pier 1 announced up to 145 store closings were possible in coming months.
Founded with a single location in 1962, Pier 1 Imports currently operates 936 stores in the United States.
Patch has reached out to the company for a list of stores closing and will update when we hear back.
Patch editor Dan Hampton contributed to this report.
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