Pier 1 Announces It’s Closing Hundreds of Stores
Pier 1 is described as a chain retailer providing an assortment of unique imported furniture, home-decor items & tableware. And it's not clear how much longer we will have a Pier 1 store in Sioux Falls.
Sioux Falls Pier 1 is located at 3801 West 49th Street. There is no word if the Sioux Falls store will be among those being closed.
CNN is reporting that Pier 1 is going to be closing 450 of its 936 locations. They will also be closing down some distribution centers. The actions are an attempt to cut expenses.
Pier 1 CEO Robert Riesbeck stated: “Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision."
Pier 1 stock has gone from around $300 five years ago to $5 in 2020. The company’s first store opened in 1962.