Pier 1 is closing almost half of its stores, including four in the Triangle
This story was updated on February 18, 2020 at 1:46 p..m.
After declaring bankruptcy on Monday, the home goods retailer Pier 1 plans to close nearly half of its stores nationwide, up to 450 of about 940 stores, including four in the Triangle.
The struggling furniture store chain entered into bankruptcy proceedings to be sold to a potential buyer, a company statement said. Currently, more than 400 locations have closed or have initiated going-out-of-business sales.
These specific Triangle locations will be shutting their doors and are no longer listed on the Pier 1 site, according to USA Today:
▪ Raleigh: 436 Daniels Street at Cameron Village.
▪ Raleigh: 8391 Brier Creek Parkway at Brier Creek Commons.
▪ Durham: 6807 Fayetteville Road at Renaissance Center.
▪ Morrisville: 2108 Village Market Place at Park West Village.
Some stores in the Triangle will remain open:
▪ Cary: Crossroads Plaza at 1819 Walnut Street.
▪ Garner: White Oak Crossing at 230 Shenstone Boulevard.
▪ Northeast Raleigh in Poyner Place at 5900 Poyner Anchor Lane.
▪ Holly Springs: Holly Springs Towne Center at 152 Grand Hill Place.
“In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives,” said Robert Riesbeck, Pier 1’s chief executive officer and chief financial officer, in a statement. “We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment that will enable Pier 1 to better serve our customers across store and online channels.”
According to a Pier 1 store manager in Raleigh reached by The News & Observer, employees have not yet been given a date for when stores will close, but they will be given a two-week notice.
“We knew this was coming,” the manager said, who did not give their name. “It’s very unfortunate, we’re very sad about it.”
The Associated Press reported that Pier 1’s sales were down 18% to $1.55 billion in its most recent fiscal year, which ended in February 2019. In its most recent quarter, which ended Nov. 30, 2019, sales tumbled 13% to $358 million.
This story was originally published February 18, 2020 at 12:30 PM.
