Pier 1 Imports Inc. shares sank after the home-décor retailer announced it would shutter up to 450 stores, while Moody’s thinks a bankruptcy could be on the way. Pier 1 (PIR)said it had a third-quarter net loss of $14.15 per share, same-store sales fell 11.4%, and sales were down 13.3% to $358.4 million. In addition to the store-count reduction, Pier 1 plans to lay off workers. Read More...
Pier 1 plans to shutter nearly half its stores, but analysts say bankruptcy is likely
Pier 1 Imports Inc. shares sank after the home-décor retailer announced it would shutter up to 450 stores, while Moody’s thinks a bankruptcy could be on the way. Pier 1 (PIR)said it had a third-quarter net loss of $14.15 per share, same-store sales fell 11.4%, and sales were down 13.3% to $358.4 million. In addition to the store-count reduction, Pier 1 plans to lay off workers.
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