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Report: Pier 1 to shut more stores

Pier 1 storefront

Pier 1 Imports continues to struggle to turnaround its ailing business.

The beleaguered home décor retailer is planning to announce a “significant” increase in store closings when it reports its third-quarter results this week, reported Bloomberg. The chain hopes to restructure out of court, although a bankruptcy filing is also an option, the report said.

Pier 1 has reported eight consecutive quarters of falling sales and six consecutive quarters of losses amid increased competition from online players and traditional retailers such as Walmart and Target. In June, the company, which has some 967 stores, said it planned to close about 57 locations in its current fiscal year, higher than its previous estimate of 45.

In November, the company named retail veteran and turnaround expert Robert Riesbeck as CEO. 

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