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Pier 1 Imports announced this week that it could close up to 145 stores after a disappointing financial report for the 2019 fiscal year.
The company released its financial reports for 2019 and the fourth quarter on Wednesday. The company announced that its net sales decreased by 19.5% in the fourth quarter compared to the previous year. This meant a net loss of $ 68.8 million.
Acting CEO Cheryl Bachelder announced that the company had put in place a fiscal action plan for the 2020 fiscal year.
"Since December, we have assembled a competent management team, set up consulting expertise, launched a rapid diagnostic process and selected priority initiatives designed to improve our business model and financial performance," Bachelder said in a statement. Press. "In the short term, we have abandoned a legacy inventory, reorganized our products and our spring / summer marketing and implemented a redesign of the organization to support our development plan."
As part of this plan, the company plans to close at least 45 stores. If it can not meet its performance targets and other indicators, the number of closures could reach 145, or 15% of the total of the remaining 970 stores.
There are at least two dozen Pier 1 Imports in central Pennsylvania, including Harrisburg, Camp Hill, York and Lancaster.
The company did not specify which stores could close.
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