Pier 1 Imports Stores Closing 2020: 8 Things to Know

Pier 1 Imports (NYSE:PIR) stores closing will leave loads of employees out of jobs.

Pier 1 Imports Stores Closing 2020: 8 Things to Know

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Here’s what to know about the Pier 1 Imports stores closing 2020 plan.

  • The plan will have the company shutting down 450 of its stores.
  • To go along with this, it will also be closing some of its distribution centers.
  • It hasn’t revealed a list of the locations that will be affected by this move.
  • There’s also no word on how many employees this will leave out of a job.
  • The company also has yet to say when the Pier 1 Imports stores closing 2020 plan will go into effect.
  • What it does say it that it expects this to reduce its corporate expenses.
  • The Pier 1 Imports stores closing 2020 will be under the control of a third-party liquidator.
  • The company also notes that it already has approval for the closings from its lenders.

Robert Riesbeck, the CEO and CFO of Pier 1 Imports, has this to say about the PIR stock news.

“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision. We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”

The Pier 1 Imports stores closing 2020 news comes alongside its earnings report for the fiscal third quarter of 2020. The company didn’t do well with revenue of $358.42 million, which is well below Wall Street’s estimate of $389.80 million.

PIR stock was down 8.02% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/01/pier-1-imports-stores-closing-2020-things-to-know/.

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