Home goods retailer Pier 1 Imports could close as many 145 more stores in the fiscal year, the Texas-based home goods retailer said Wednesday when it reported financial results.
The news comes a week after Bed Bath & Beyond said 40 locations could be shuttered this year.
“As anticipated, our fourth-quarter sales and profitability were disappointing and reflect the execution issues we identified earlier in the year and have been working with urgency to correct,” said Cheryl Bachelder, interim Pier 1 CEO, in a statement.
After closing 30 stores in its fiscal year that ended in March, there were 973 stores in the chain, which sells furniture, home decor and other accessories.
Now, the company is looking to close up to 45 more locations as leases expire and said that the number of closures could increase to up to 15% of stores if the company is unable to achieve its goals.
Store closings 2019: Payless, Gymboree and Victoria’s Secret are just some of the brands closing stores
The year has been off to a rough start for retailers. Based on figures from global marketing research firm Coresight Research, bankruptcy filings and company earnings reports, more than 6,500 stores are slated to close in 2019.
The pain is expected to continue, according to a report released this week from UBS Securities. UBS analysts said 75,000 more stores would need to be shuttered by 2026 if e-commerce penetration rises to 25% from its current level of 16%.
After seeing mixed results in its fourth quarter, Bed Bath & Beyond will be opening new stores as well as closing others.
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko
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