Pier 1 plans to close up to 45 stores

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(CNN) – Add Pier 1 Imports to the long list of retailers showing signs of distress.

The troubled company released Wednesday a report on the dismal results and revealed a larger than expected loss for the fourth quarter. Quai 1 reported closing up to 45 sites this year, with the potential for dozens more.

Pier 1 stated that it could close up to 15% of stores if the company was unable to meet performance objectives, sales targets, and occupancy and other cost reductions.

The company closed 30 stores last year and has about 1,000 stores left.

Its stock has fallen by nearly 25% to news.

Sales were particularly difficult in the fourth quarter, which is generally high for retailers as it includes the holiday shopping period. The company said its sales plunged 13.7% from the same period last year.

The first pillar has appointed a restructuring expert as Acting CFO to help make a difference. Deborah Rieger-Paganis, Executive Director of AlixPartners Global Consulting, will assume this role. The company has touted its 30 years of experience in "leading and improving the financial organizations and business operations of distribution companies," in a statement.

"I am determined to establish financial discipline within the organization as we work to achieve a successful turnaround and create shareholder value over the long term," said Rieger-Paganis. She will also keep her job in the consulting firm.

The company lost its former CEO, Alasdair James, last December after the failure of its turnaround plan. Pier 1, which is known for its candles and home accessories, is struggling to compete with online retailers.

The company has launched an "action plan" that will save up to $ 110 million by the start of fiscal year 2020. It also plans to define a "clearer goal for commodities", including eliminating stocks that are not "only first lot goods".

"We continue to focus on opportunities and initiatives that can generate additional benefits in the coming years, creating a pathway for our brand to return to sustainable health and sustainable financial performance," said Cheryl Bachelder, CEO. Acting Pier 1, in a statement. .

Pier 1 joins a growing list of retailers closing their stores. This year, US retailers announced the closure of 5,994 stores. This number already exceeds the 5,864 closing announcements announced last year, according to a recent report from Coresight Research.

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