Pier 1 Imports Closing Nearly Half of Stores

Pier 1 Imports announced that it is closing nearly half of its 942 stores as it struggles to draw consumers and compete online.

The company said Monday it is closing up to 450 stores. It will also shutter distribution centers, and plans layoffs at its corporate headquarters in Fort Worth, Texas.  

The company didn't reveal a list of specific stores, or say how many of its 4000 workers will be impacted.

Locally, Pier 1 stores are located in Paducah and Carbondale.

Pier 1 said sales in its most recent quarter fell 13% to $358 million as store traffic fell.

The company reported a net loss of $59 million for the quarter, which ended Nov. 30.

Pier 1's shares fell 17% to close at $5.18 Monday.