Pier One Imports to Close 450 Locations – Nearly Half of US Stores
Are Central New York stores on the chopping block as Pier One announced plans to close nearly half of all its US stores?
Earlier this week, the struggling furniture and home store announced plans to close up to 450 stores and lay off employees as sales continue to decline. Bloomberg reports the retailer is considering bankruptcy.
“As Pier 1’s losses deepen, the planned large-scale store closures and cost cuts will likely be insufficient to turn around the business in time to address the company’s looming debt maturities, making restructuring or bankruptcy highly likely scenarios,” said Raya Sokolyanska, an analyst at Moody’s Investors Service, in a statement e-mailed to Bloomberg.
Currently, Pier One has stores in New Hartford, East Syracuse, and Clay in Central New York. On their website, only the New Hartford store is listed as having a storewide sale.
The windows of New Hartford store, in Consumer Square on Commercial Drive, have been partially covered with black, red, and yellow signs advertising 20-40% off everything in the store.
Does this mean the New Hartford store will be among the 450 scheduled to close? Pier One has not released a closure list yet.
When was the last time you shopped at Pier One? Will you be sad to see it go?