Pier 1 will close 450 stores and fire hundreds of employees - Business Insider

Pier 1 is planning to close 450 stores, representing about half of its total store count, the company said Monday.The closings could impact thousands of workers. The company has about 950 stores and 4,000 employees.The troubled home goods retailer has also drafted a bankruptcy plan, according to a Bloomberg report.Visit Business Insider's homepage for more stories.Sign up for Business Insider's retail newsletter, The Drive-Thru.Pier 1 is planning to close 45o stores, representing about half of its total store count, as it struggles to stay afloat amid years of falling sales. The company revealed plans for the closures on Monday and said it would also cut its corporate headcount. Bloomberg reported earlier on Monday that Pier 1 planned to cut about 40% of its headquarters staff, or roughly 300 people. Pier 1 also has drafted a bankruptcy plan, the report said. Pier 1 did not immediately respond to a request for comment. The home goods retailer has been struggling to turn around its business following eight straight quarters of sales losses and mounting competition from retailers such as Wayfair and Walmart. Pier 1 said in September that it could close up to 15% of its stores — which would amount to about 150 stores — in its current fiscal year if the company failed to reach performance goals.“We've decided to close approximately 70 stores in fiscal 2020 and expect that number to increase as we continue the dialogue with landlords,” then-interim CEO Cheryl Bachelder said during the company's earnings call in September. “If we are unable to achieve our performance goals, sales targets and reductions in occupancy and other costs, we could close up to 15% of our portfolio.”