Pier 1 Imports increases the number of stores expected to close this year. The Texas-based homewares retailer announced Wednesday it plans to shut down 57 stores, a dozen more than 45 outlets in April.
"We have active discussions with our landlords," said Cheryl Bachelder, interim CEO, during the company's quarterly earnings survey with analysts. "Where we did not see the landlords involved, we started our store closure program as we had announced."
Bachelder repeated her testimony in April ̵
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Pier 1 imports could close up to 145 stores. (Photo: Kelly Tyko, USA TODAY)
In April, officials said that up to 145 stores could close part of a 15% cut.
Days after Pier 1 reported financial results in April, S & P Global Ratings, a major rating agency, said the retailer is facing potential bankruptcy restructuring.
According to corporate documents, there are more than 965 stores in the US and Canada. The chain sells home decor, furniture and other accessories.
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Effects on tariffs: China tariffs could be widespread store closures enforce $ 40 billion in revenue.
Bachelder discussed Chinese tariffs during the meeting on Wednesday, saying the company had "proactively planned" and the 25% increase is included in Pier 1's financial plan
"In fact, we have since last Sommer took measures to reduce our exposure to China by leveraging the strength of our global sourcing team, "she said." As tariffs have advanced, we have carefully reviewed our product range and raised prices to mitigate part of the pay increases . "
Based on figures from global research firm Coresight Research, bankruptcy filings, and corporate earnings reports, more than 7,000 stores are expected to close by 2019. Coresight closed 5,864 stores in 2018.
The trade war with China could, according to a May UBS report enforce "widespread store closures" and generate sales of on 40 billion dollars endanger investment bank.
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