Pier 1 struggles to stay afloat

Pier 1 struggles

Pier 1 Imports’ shares sank to a four-month low after the home decor retailer said it would close almost half its stores as it struggles to draw customers and compete online. The company will close up to 450 stores and will also shutter distribution centers. It didn’t say where the store closures would occur, but it operates stores in the U.S. and Canada. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth. The company didn’t say how many workers will be impacted. The moves had some investors wondering if a bankruptcy filing was imminent. In November the company named a new CEO with a background in corporate turnarounds. Pier 1’s shares fell 9% to $4.73 Tuesday. The stock has lost about 57% over the last year.