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Pier 1 Imports plans to close 57 stores, and more closures could be coming, interim CEO says

Pier 1 Imports is increasing the number of stores expected to shutter this year.

The Texas-based home goods retailer said Wednesday it was looking to close 57 stores in the fiscal year, up a dozen from the April estimate of 45 stores.

“We are in active discussions with our landlords” interim CEO Cheryl Bachelder said during the company’s quarterly earnings call with analysts. “Where we have not seen landlord participation, we have begun our store closing program as we said we would.”

Bachelder reiterated what she said in April – more closings could follow.

“If we are unable to achieve our performance goals, sales targets and reductions in occupancies and other costs, we could close up to 15% of our portfolio,” she said Wednesday.

In April, officials said as many as 145 stores could close as part of a 15% cut.

Days after Pier 1 reported financial results in April, S&P Global Ratings, a major credit rating agency, said the retailer was careening toward a potential bankruptcy restructuring.

According to company documents, there are more than 965 stores in the U.S. and Canada. The chain sells home décor, furniture and other accessories.

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