Pier 1 closing additional stores
From Times Wire Services
Pier 1 Imports Inc., the biggest U.S. retailer of imported furniture, will close 20 to 25 stores before the end of the year to cut costs.
The company also will eliminate excess distribution center space, it said in a regulatory filing. Costs from closing stores and terminating leases will be as much as $8 million.
Fort Worth-based Pier 1 withdrew an offer last month to buy Cost Plus Inc., saying the price would be too high, and instead decided to focus on its own turnaround.
The company has already closed 79 stores and sold its headquarters. It posted its first quarterly profit in three years in April.
