Pier 1 Closing Half of All Locations, Fate of Danbury Store Unknown
It's become an all too familiar occurrence; another major retailer announced Monday that they will be closing almost half of their 942 locations, and the fate of the Danbury store remains uncertain.
Pier 1 Imports, which was founded in California in 1962, will possibly be filling for bankruptcy and then will be closing up to 450 of its stores. The large retail chain has Connecticut locations in Danbury, Norwalk, Fairfield, Milford, Southbury and Branford.
Right now, there haven't been any announcements about which locations will be affected by the closings, but the company's CEO, Robert Riesbeck, who was just named to the position in November due to his background in corporate turnaround, told usnews.com exactly what's going on with the retailer:
Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision.
The company also just reported that sales in its most recent quarter fell 13% as store traffic fell. It reported a net loss of $59 million for the quarter, which ended Nov. 30.