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jpak

(41,758 posts)
Mon Jan 6, 2020, 06:32 PM Jan 2020

Pier 1 will close up to 450 stores

Source: CNN

New York (CNN Business)Pier 1 Imports will close nearly half of its stores and is reportedly nearing a bankruptcy filing.

The home goods retailer has been struggling for years against rising pressure online and from big-box rivals. Its stock, which was at $300 a share in 2015, is trading at around $5 today.

Pier 1 (PIR) shares tumbled nearly 17% Monday. after Bloomberg reported the news of a potential bankruptcy.

Pier 1 operated 942 stores in the United States and Canada at the end of its latest quarter. It said Monday that it will close up to 450 stores "in order to better align its business with the current operating environment." Pier 1 will also close distribution centers and lay off corporate employees.

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Read more: https://www.cnn.com/2020/01/06/business/pier-1-imports-bankruptcy/index.html

28 replies = new reply since forum marked as read
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Pier 1 will close up to 450 stores (Original Post) jpak Jan 2020 OP
I love to wonder through Pier1 store....sometimes I buy riversedge Jan 2020 #1
The stores had a distinctive smell. NurseJackie Jan 2020 #3
It's all the rattan, I think mcar Jan 2020 #4
Candles and decorative dried eucalyptus branches/leaves, too. NurseJackie Jan 2020 #5
Yep, I loved going to Pier 1 just for the smells. nt iluvtennis Jan 2020 #10
It is the eucalyptus branches that catch my nose always. love the aroma. riversedge Jan 2020 #14
I'll add it to all the store closures coming and that leave me feeling devastated. hlthe2b Jan 2020 #12
I collect BBB coupons and keep them in my truck... NurseJackie Jan 2020 #16
They never restrict coupon use--even those expired and they let you combine coupons. hlthe2b Jan 2020 #17
Alt RW fashy Bois rush over to buy up the tiki torches for the next march irisblue Jan 2020 #2
Looks like all the stores are company-owned. (I had thought most/some were franchised.) NurseJackie Jan 2020 #6
I am surprised the vulture capitalists are not part of the story rurallib Jan 2020 #7
bankruptcy protects the assets vulture capitalists are gonna steal, screwing the msongs Jan 2020 #9
Yes, always the back story. Capitiisim canniblizing itself Miigwech Jan 2020 #13
They have cool stuff but it is ridiculously Phoenix61 Jan 2020 #8
I know.......but such beautiful stuff.......will be sick if ours is gone..... a kennedy Jan 2020 #11
Retail workers don't get any love like coal miners or farmers IronLionZion Jan 2020 #15
I know, right? ck4829 Jan 2020 #23
World Market is so much better than Pier 1 IMO onetexan Jan 2020 #18
WM is owned by Bed Bath and Beyond TexasBushwhacker Jan 2020 #21
Very sad. I've actually bought a lot of stuff from Pier 1 over moonscape Jan 2020 #19
I always liked Pier 1, but the ones I've shopped at have disappeared one by one. LisaM Jan 2020 #20
"Despite the strong economy" ck4829 Jan 2020 #22
I liked a few things, but a lot of their stuff is just not attractive. tavernier Jan 2020 #24
That's relative, especially the attactiveness part ck4829 Jan 2020 #25
They changed their layout and focus JustAnotherGen Jan 2020 #26
This makes me so sad. Pier1 has some beautiful merchandise. R B Garr Jan 2020 #27
There market plan doesn't work any more JCMach1 Jan 2020 #28

riversedge

(70,243 posts)
1. I love to wonder through Pier1 store....sometimes I buy
Mon Jan 6, 2020, 06:34 PM
Jan 2020

something small or as a gift. sorry to see them close. it will not be the same on line.

hlthe2b

(102,297 posts)
12. I'll add it to all the store closures coming and that leave me feeling devastated.
Mon Jan 6, 2020, 07:34 PM
Jan 2020

Trying to support local shops just isn't working when the internet is taking over everything.

Most have long since given up on Sears. I still feel sad about it. Losing Pier 1 is a loss to me. And I will REALLY be devastated if Bed Bath & Beyond goes.

NurseJackie

(42,862 posts)
16. I collect BBB coupons and keep them in my truck...
Mon Jan 6, 2020, 07:46 PM
Jan 2020

I collect BBB coupons and keep them in my truck... because I rarely "plan" a visit there, it's usually impulsive and on the spur of the moment.

Is the perpetual and non-expiring 20% coupon going to be their downfall? This tells me that everything there is already overpriced by at least 20% and I feel like I'd be foolish to purchase anything without a coupon. So... when I don't have a coupon handy, I don't go there.

hlthe2b

(102,297 posts)
17. They never restrict coupon use--even those expired and they let you combine coupons.
Mon Jan 6, 2020, 07:51 PM
Jan 2020

I don't waste money now like I used to earlier in life so I generally know pretty close to the penny most items I buy there and if they are cheaper elsewhere. Those coupons either equalize the best deal possible or in some cases make it cheaper. Even when they are printed with exclusions for certain products/manufacturers, I've never had a BB&Y refuse it.

But, yeah, that, plus pretty liberal return policies may be hurting them.

rurallib

(62,424 posts)
7. I am surprised the vulture capitalists are not part of the story
Mon Jan 6, 2020, 07:15 PM
Jan 2020

When Toys'R'Us went down to the vulture capitalists, I thought I remembered seeing Pier 1 as another coming victim of the vultures.

msongs

(67,420 posts)
9. bankruptcy protects the assets vulture capitalists are gonna steal, screwing the
Mon Jan 6, 2020, 07:19 PM
Jan 2020

employees and creditors. its being romney-fied nt

 

Miigwech

(3,741 posts)
13. Yes, always the back story. Capitiisim canniblizing itself
Mon Jan 6, 2020, 07:37 PM
Jan 2020

Are we at crisis point as we were in 1930's ?... FDR came in to save capitalism ... who but the War mongers and the 1% are gonna save us now? History always repeats itself

Phoenix61

(17,006 posts)
8. They have cool stuff but it is ridiculously
Mon Jan 6, 2020, 07:15 PM
Jan 2020

expensive. Between Home Goods, Ross, and Kirkland’s I haven’t bought anything there in years.

IronLionZion

(45,460 posts)
15. Retail workers don't get any love like coal miners or farmers
Mon Jan 6, 2020, 07:46 PM
Jan 2020

Tariffs probably impact imported goods in many ways.

onetexan

(13,043 posts)
18. World Market is so much better than Pier 1 IMO
Mon Jan 6, 2020, 08:27 PM
Jan 2020

Would be great if WM buys out the remaining Pier 1 stores. We love the wine selection.

TexasBushwhacker

(20,204 posts)
21. WM is owned by Bed Bath and Beyond
Tue Jan 7, 2020, 12:33 AM
Jan 2020

I don't see them buying Pier 1 though. World Market stores have much more square footage.

moonscape

(4,673 posts)
19. Very sad. I've actually bought a lot of stuff from Pier 1 over
Mon Jan 6, 2020, 08:41 PM
Jan 2020

the years including furniture and it has always been great quality and held up to be timeless.

Dadgummit!

LisaM

(27,813 posts)
20. I always liked Pier 1, but the ones I've shopped at have disappeared one by one.
Mon Jan 6, 2020, 09:49 PM
Jan 2020

I do like shopping in stores, and it depresses me that it's getting harder to do. Pier 1 was always a fun store for me and I can't think of a time I didn't go in there and buy at least one thing. It's a fun store. Sigh.

ck4829

(35,077 posts)
25. That's relative, especially the attactiveness part
Sat Jan 11, 2020, 09:20 AM
Jan 2020

Another notch in the retail apocalypse of this "strong economy".

JustAnotherGen

(31,828 posts)
26. They changed their layout and focus
Sat Jan 11, 2020, 09:52 AM
Jan 2020

It used to have a "Bazaar" feel - but now it feels like Crate and Barrel.

R B Garr

(16,954 posts)
27. This makes me so sad. Pier1 has some beautiful merchandise.
Sat Jan 11, 2020, 01:08 PM
Jan 2020

Their Christmas stuff seems to regularly sell out.

I had a return there over the holidays, and the clerk looked very sad about it, trying to suggest other things, etc. This explains her kind of down demeanor. Makes me sad now, too. These store closures are like the end of an era.

JCMach1

(27,559 posts)
28. There market plan doesn't work any more
Sat Jan 11, 2020, 03:27 PM
Jan 2020

Huge markup on imported decorative items. Cut out the middleman and you get it for a fraction on Alibaba, Amazon, or Ebay

I have no doubt they we're overleveraged to massively build out their stores.

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