Pier 1 Imports to close almost half its locations in 2020

An estimated 450 stores will close.
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Some of Pier 1 Imports' stores in Minnesota are at risk of closure after the retailer announced it will be shedding half of its locations.

The Texas-based home decor store made the announcement on Monday after releasing third quarter results that revealed its net sales had dropped 13.3 percent compared to the year before.

In response, the company's CEO Robert Riesbeck said the company would be reducing its "store footprint" by up to 450 locations.

It will also reduce some of its distribution centers as part of the cull.

The retailer has 12 stores in the Twin Cities metro, at Ridgedale, Maple Grove, Burnsville, Richfield, Eden Prairie, St. Paul, Eagan, Shakopee, Maple Grove, Woodbury, Coon Rapids and Oak Park Heights.

It also has stores in Duluth and Rochester.

At this stage, the stores that will be closing have not been identified, with the retail chain having 942 locations nationwide.

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Riesbeck said he believes better results can be achieved in the future, aided by the cost-cutting exercise.

"To further advance our progress, we are announcing additional actions today that will enable us to move forward with an appropriately sized store footprint and operating structure as an omni-channel retailer, and better position Pier 1 to meet our customers where they shop," he said.

However, Bloomberg is also reporting that the company could potentially file for bankruptcy.

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