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Fort Worth, Texas chain - Pier 1 Imports to shutter 16 stores

2009-03-24 17:32:52 (GMT) (Caymanmama.com - Business Dallas News News)

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Pier 1

Fort Worth, Texas-based retail chain, Pier 1 Imports Inc. will shutter 16 of its stores

Fort Worth, Texas (CaymanMama.com) — Fort Worth, Texas-based retail chain, Pier 1 Imports Inc. will shutter 16 of its stores, following an announcement last month stating that the company had hired the services of a consulting firm that would help negotiate rent reductions with landlords.

Pier 1 Imports has several stores in the Dallas area, and a total of about 1,100 stores.The company has yet to disclose the locations to be due to continuing negotiations with landlords.

Pier 1 Imports has reportedly said it has reduced rents by approximately $5 million for fiscal 2010 and expects to close no more than 80 stores for fiscal 2010.

Pier 1 made an announcement hat a foreign subsidiary acquired $79 million of the company’s debt for a price tag of $27 million.

According to the Dallas Business Journal, “In preliminary results for the fourth quarter ended Feb. 28, Pier 1 reported a net loss of $29 million, compared to net income of $14 million for the same period last year. Total sales for the fourth quarter fell to $389 million from $437 million. Comparable-store sales for the quarter dropped 9.7 percent.”



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