1-13-20 pier 1 imports store closing in fdl

The Fond du Lac Pier 1 Imports store is among hundreds of Pier 1 stores closing across the country.  The company announced last week that up to 450 locations,  about half its total, would be closed to “better align its business with the current  operating environment.”  The company has 12 locations in Wisconsin.  The company plans to close certain distribution centers and lower its corporate spending, as well as lay off workers at the corporate level.  The home furnishing store is using a third-party liquidator to help with the closings, noting that its lenders signed off on its plan to reduce its brick-and-mortar footprint.   Robert Riesbeck, CEO and CFO of the retail chain, thanked store workers for their hard work and commitment to serving customers.   “Although decisions that impact our associates are never easy, reducing the number of  our brick-and-mortar locations is a necessary business decision,”  he said.  The planned closures come as the company deals with less foot traffic.  Net sales for the third quarter plummeted more than 13 percent to $358.4 million.

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