FRAMINGHAM – Pier 1 Imports will close nearly half of its stores nationwide.
Pier 1 operated 942 stores in the United States and Canada at the end of its latest quarter.
Today the retailer announced it will close up to 450 stores “in order to better align its business with the current operating environment.”
Pier 1 will also close distribution centers and lay off corporate employees.
The company is also considering a bankruptcy filing.
Sales from last year to this year were down 11 percent.
The company lost almost $60 million.
Its stock is trading at about $5 in January 2020. It was at $300 a few years ago.
There was a Pier 1 on Route 9 in Framingham but it closed during the 2010s. Yale Appliance is now in that location.
Specific store locations for closure were not announced today, January 6.