The retail company reported its third-quarter financial results for fiscal 2020 ending
It said net sales decreased 13.3 percent to
"Fiscal third-quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise," Pier 1 CEO and CFO
The company said it will be closing up to 450 stores to decrease its footprint and plans to close distribution centers as well as reduce corporate expenses.
"This includes a reduction in corporate headcount," the company said in the report.
It will be using a third-party company to facilitate the liquidation, it said.
"Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision," Riesbeck said. "We thank our team of hard-working associates for their commitment to Pier 1 and serving our customers."
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