Greenwood’s lone Pier 1 Imports location at 525 Bypass 72 might be a casualty of a downsizing attempt by corporate heads in response to the disconcerting home furnishing business.
The Fort Worth, Texas-based retailer announced Monday it would shutter up to 450 of the company’s 942 stores after third-quarter net sales dropped 13% from last year, leading to a $53.3 million operating loss. In the first three quarters, which ended Nov. 30, the company had a net loss of $241.2 million. During the same period in the prior year, the company reported a $130 million net loss.
A store employee said she “hasn’t heard anything” about whether the store would close. She did acknowledge they are receiving two trucks a week in product.
“Due to the unique nature of this store, Pier1.com can not accept store pick up orders to this store,” is posted on Pier 1’s webpage for the Greenwood store and several other locations. A number of other locations lack such a warning and still allow online buyers to arrange pickup, such as stores in Greenville, Spartanburg and Augusta, Georgia. A similar warning is online for one of Pier 1’s two Columbia locations.
The windows of the Greenwood store are plastered with “20%, 30% and 40% off all items” signs, and inventory is not being restocked as frequently, presumably because of the light shipments.
In June, Pier 1 Imports interim CEO Cheryl Bachelder said based off the furniture retailer’s quarterly earnings, the closing program had begun. CEO Robert Riesbeck has continued the downsizing of Pier 1 Import locations since being named to the position in November.
The company’s shares have declined by 30% after multiple quarters of declining sales and losses because of the emergence of new competitors such as Wayfair and continuous dominance from retail corporations such as Walmart and IKEA.
Chapter 11 bankruptcy appears to be the next step for Pier 1, which drafted a bankruptcy plan last month.