Pier 1 Imports to close up to 145 stores in yet another attempt to stall steep decline

[OnlinePoker]

Pier 1 Imports Inc. plans to close at least 45 stores, and potentially up to 100 more, as it seeks to cut costs after another disappointing holiday season.

In a fiscal fourth-quarter earnings report released Wednesday, Pier 1 PIR, -7.25% said it lost $68.8 million in three months, with sales declining 19.5% to $412.5 million from the previous year. A plan that seeks to generate at least $100 million in savings includes closing at least 45 of Pier 1’s 970 stores, and potentially many more if Pier 1 is not able to talk landlords into cutting their rent.

“The store closure number could increase to up to 15% of stores if the company is unable to achieve performance goals, sales targets, and reductions in occupancy and other costs,” management disclosed Wednesday.

https://www.marketwatch.com/story/pier-1-imports-to-close-up-to-145-stores-in-yet-another-attempt-to-stall-steep-decline-2019-04-17

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Another victim of the retail apocalypse and changing tastes. The last time I was in one, it looked like they hadn't changed anything they were selling for years and the way things were being displayed was really haphazard.

[mahatmakanejeeves]

1. American retailers already announced 6,000 store closures this year, more than all of last year

American retailers already announced 6,000 store closures this year. That's more than all of last year
Nathaniel Meyersohn byline
By Nathaniel Meyersohn, CNN Business

Updated 1:27 PM ET, Tue April 16, 2019

New York (CNN Business) -- America has too many stores.

This year, US retailers have announced that 5,994 stores will close. That number already exceeds last year's total of 5,864 closure announcements, according to a recent report from Coresight Research.

Bankruptcies in the retail sector are piling up and chains have aggressively closed under-performing stores. That has led to an uptick in store closures this year.

Payless, Gymboree, Charlotte Russe and Shopko have all filed for bankruptcy this year and will close a combined 3,720 stores, according to the report. The majority of those are because of Payless, which filed for its second bankruptcy in February and said at the time it would shutter 2,100 stores in the United States.

Other retailers, such as Family Dollar, GNC (GNC), Walgreens (WBA), Signet Jewelers (SIG), Victoria's Secret and JCPenney (JCP), are struggling and are shrinking their store footprints to save money.
....

[madaboutharry]

2. The stores are terrible places to shop.

I posted yesterday in another thread that Pier 1 has brought a lot of this on themselves. The stores are poorly planned out. They are overcrowded, difficult to walk around, things awkwardly displayed, and merchandise that you saw 5 years before.

It can't all be blamed on the internet. The stores that are failing have a lot in common. They are crappy places to shop.

[at140]

3. Do you think Walmart stores are better organized?

I hate shopping at Walmart because they change the merchandise layout every year or so in the store closest to me. By the time I get familiar where everything is, they change the locations of so many items. We shop there mainly for groceries and dog food.

[madaboutharry]

4. I don't shop at Walmart so I can't say.

But Walmart holds itself out as a place to save money. People don't go there for a shopping experience. They don't expect a well organized and pleasant place to shop.

[at140]

6. There is an ALDI store near Walmart

and perishable groceries at ALDI's are way cheaper than Walmart.
But they carry limited canned & boxed items, so we go to ALDI first,
then to Walmart.

[greymattermom]

5. I occasionally go to a big walmart.

Every time my phone ap tells me I walked over a mile, just inside the store. Maybe this is a good thing, but a lot of folks can't do that every time they need a grocery item (one side of the store), and a seasonal item (maybe a block away on the other side of the store).

[at140]

7. Exactly my experience as well!!

Well...looking on the positive side, Walmart shopping does save me money to buy a treadmill for walking.