Pier 1 Imports said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it reported quarterly earnings amid bankruptcy rumors. - CNBC
The retailer reports a wider net loss during the fiscal third quarter compared with a year ago.Luke Sharrett | Bloomberg | Getty Imageson Monday said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it unexpectedly reported quarterly earnings amid bankruptcy rumors.
The company said it also plans to shut certain distribution centers and reduce its corporate expenses, which includes slashing its corporate headcount. Pier 1 shares remained halted as the earnings report came out. Earlier in the afternoon, the retailer's shares tanked more than 25% before being halted for news, following a report from Bloomberg that said Pier 1 was preparing to file for bankruptcy. The stock was also briefly halted due to volatility earlier Monday.
The loss in the latest period includes $10 million in restructuring costs that include professional fees, and a non-cash charge of $14.1 million for store impairment. The per-share figures reflect a 1-for-20 reverse stock split in June 2019, Pier 1 said.Same-store sales dropped 11.4%, hurt by slower foot traffic in stores. The timing of this year's holiday also hurt results in the latest period, the company said. But it added that should benefit its fourth-quarter results.
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