(1) American retailer Pier1 will close 450 stores due to continuous losses
American home decoration and gift retailer Pier 1 Imports plans to close up to 450 stores as it overhauls its struggling home retail business.
In order to restructure its business and reverse losses, Pier1 will close nearly half of its stores and reduce the number of employees. It will also cut its distribution centers as part of cost-cutting measures.
As of November 30, 2019, Pier1, headquartered in Fort Worth, Texas, had 942 stores in the United States and Canada; as of March 2019, the company had 4,000 employees.
Under the impact of many new competitors, Pier1 sales have experienced four consecutive quarters of decline and losses. The company’s third-quarter net loss expanded from $50 million to $59 million, and sales fell 13% to $358.4 million. The company has not yet disclosed which stores it plans to close.
(2) Macy’s will close 29 stores due to poor sales during the peak season
U.S. retail Manufacturer Macy’s released its sales performance during the peak shopping season at the end of 2019, which showed a significant improvement compared with the third quarter. However, the company also said it would close 29 stores.
Macy’s said that from November to December 2019, sales at its self-operated and authorized product stores (stores open for more than 1 year) fell by 0.6% compared with the same period last year. . Macy’s is one of the first major retailers to report sales figures for the Christmas shopping season.
The company said that its electronic sales and core stores performed well, and consumers responded positively to the company’s marketing strategies. A Macy’s spokesman said the company plans to close 28 stores and one Bloomingdale’s store. The company operates a total of 680 department stores and 190 specialty stores.
