Pier 1 Imports Plans To Close Up To 450 Stores

(RTTNews) - Pier 1 Imports Inc. (PIR) said it plans to close up to 450 stores, shut certain distribution centers and reduce corporate headcount. But, it did not specify how many jobs would be reduced.

Comparable sales for the third-quarter decreased 11.4% compared to the third quarter of fiscal 2019.

The company estimates that the shift of certain holiday selling days, which were included in last year's fiscal third quarter, negatively impacted third quarter fiscal 2020 company comparable sales by approximately 650 basis points. The impact of the timing shift is expected to reverse in the fourth quarter of fiscal 2020.