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