Pier 1 Imports is reportedly preparing to file for bankruptcy and cut 40 percent of its staff.
Pier 1 Imports executives said Monday the chain will close up to 450 stores in a bid to restructure its business, shortly after shares plunged on a report that the company was considering bankruptcy.
Continue Reading Below
The company said that a “reduction in corporate headcount” would accompany the store closures, but did not provide specific details on how many layoffs are expected. Pier 1 will also shutter distribution centers as part of its cost-cutting measures.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PIR | PIER 1 IMPORTS | 5.17 | -1.05 | -16.93% |
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Pier 1 CEO Robert Kiesbeck said. We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”
Additionally, the company reported a net loss of $59 million in the third quarter, compared to a loss of $50.4 in the year-ago period.
Pier 1 shares fell more than 16 percent on the reported bankruptcy preparations. Trading of the company’s stock was temporarily halted Monday afternoon due to volatility.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Bloomberg reported that Pier 1 was preparing to file for bankruptcy and lay off up to 40 percent of its corporate staff after a long-term decline in sales. The embattled home goods retailer was also said to also be canceling orders.
Roughly 300 employees are expected to be impacted by the layoffs, according to Bloomberg.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 117.65 | -0.24 | -0.20% |
| TGT | TARGET CORP. | 123.58 | -1.18 | -0.95% |
Company executives previously disclosed plans to close about 70 stores in fiscal 2020 as part of turnaround efforts. Pier 1 has posted sales declines in eight consecutive quarters and has struggled to compete with rivals such as Walmart and Target.
CLICK HERE TO READ MORE ON FOX BUSINESS
Retail - Latest - Google News
January 07, 2020 at 04:03AM
https://ift.tt/2T5W1oC
Pier 1 Imports to close up to 450 stores amid bankruptcy fears - Fox Business
Retail - Latest - Google News
https://ift.tt/2JDvGsM
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
No comments:
Post a Comment