Mankato Pier 1 Imports to close as company shutters half its stores
Jan 16, 2020 @ 3:04am
(SMN/Associated Press) – The Mankato Pier 1 Imports will close along with nearly half of the company’s 942 stores as it struggles to draw consumers and compete online.
The company announced last week it would close up to 450 stores and will also shutter distribution centers.
Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas.
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.
Managers at the Mankato Pier 1 store declined to talk to SMN, deferring to corporate media relations. SMN made multiple attempts to contact corporate media relations, but calls, messages, and emails were not returned.