The home goods retailer has been struggling for years against rising pressure online and from big-box rivals. Its stock, which was at $300 a share in 2015, is trading at around $5 today.
Pier 1 operated 942 stores in the United States and Canada at the end of its latest quarter. It said Monday that it will close up to 450 stores “in order to better align its business with the current operating environment.” Pier 1 will also close distribution centers and lay off corporate employees.
During the company’s latest quarter, sales at stores open for at least one year decreased 11.4% compared with the same time last year. The company also lost $59 million,
Pier 1 is far from the only casualty of competition and shifting consumer habits in retail.