April 19, 2019
In an attempt to rein in expenses, Fort Worth-headquartered Pier 1 Imports announced it would close 45 stores nationwide, and cut $110 million in costs. More store closings could be planned, up to 15% of the chain’s 970 stores in the United States and Canada, if the cost structure doesn’t improve.
Furthermore, company CFO Nancy Walsh left the firm after only 15 months. It is not known if the departure was related to Pier 1’s financials. Deborah Rieger-Paganis has been appointed interim CFO, and Darla D. Ramirez will be interim principal financial officer.
The company reported a 19.5% drop in sales and a loss in Q4 2018, a three-month period during which it normally posts a profit. “The home furnishings retail sector is a healthy category right now,” CEO Cheryl Bachelder said during an analyst conference call. “It’s our job to get the customer to spend her share of wallet at Pier 1.”
Pictured: Pier 1 Imports headquarters, Fort Worth
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