All retail bankruptcies are not the same. Here's what you need to know Dollar General's business is booming. It's also vulnerable to crime, police say 3119 E Third Street Dollar General in Dayton, OH on March 12, 2020. NEW YORK, UNITED STATES - 2020/07/08: People wearing face masks shopping inside a retail store in Manhattan as the city enters phase 3 of reopening amid the coronavirus pandemic As New York City enters phase 3 of reopening retail stores for indoor shopping, restaurants have been postponed for indoor dinning. The U.S. Department of Health recorded a total of 3,219,999 infections, 135,822 death and 1,426,428 recovered since the beginning of the outbreak. (Photo by Braulio Jatar/SOPA Images/LightRocket via Getty Images) Party City CEO: Consumers still want to celebrate together NEW YORK, NEW YORK - NOVEMBER 19: A view of the window display as Macy's Herald Square unveils Give, Love, Believe 2020 Holiday Windows on November 19, 2020 in New York City. (Photo by Eugene Gologursky/Getty Images for Macy's) How holiday spirit is surging despite the Covid-19 pandemic This gym is actually opening studios during the pandemic Ever receive a package you didn't order? It could be a scam Here's where your 'free' online returns actually end up One of many large boxes of returned products that fill the warehouse. The returned products in this box will eventually be sorted and categorized. This airplane-shaped bag is selling for more than some actual planes (CNN Business) — Add Pier 1 Imports to long list of retailers showing signs of distress. The troubled company put out a dismal earnings report Wednesday, and disclosed a larger-than-expected fourth quarter loss. Pier 1 said it’s shuttering as many as 45 locations this year — with the potential for several dozen more. Pier 1 said that it could shutter “up to 15% of stores if the company is unable to achieve performance goals, sales targets, and reductions in occupancy and other costs.” The company closed 30 stores last year and has roughly 1,000 stores remaining. Its stock dropped by nearly 25% on the news. Sales were particularly dire in its fourth-quarter, which is typically strong for retailers because it includes the holiday shopping period. The company said sales plunged 13.7% compared with the same time a year ago. Pier 1 (PIR) appointed a restructuring expert as its interim chief financial officer to help turn things around. Deborah Rieger-Paganis, the managing director at global consulting firm AlixPartners, will fill the role. The company touted her 30 years of experience of “leading and improving retail companies’ finance organizations and business operations,” in a release. “I am committed to instilling financial discipline across the organization as we work to drive a successful turnaround and create value for shareholders over the long term,” Rieger-Paganis said. She will also keep her job at the consulting firm. The company lost its previous CEO, Alasdair James, last December after his turnaround plan failed. Pier 1, which is known for its candles and home accessories, has been struggling to compete against online retailers. The company is beginning an “action plan” to save as much as $110 million by the beginning of fiscal 2020. It also plans to establish a “clearer merchandise focus,” including eliminating inventory that isn’t “uniquely Pier 1 merchandise.” “We are continuing to focus on opportunities and initiatives to help drive incremental benefits in the coming years, creating the runway to return our brand to long-term health and sustainable financial performance,” said Cheryl Bachelder, Pier 1’s interim CEO, in a statement. Pier 1 joins a growing list of retailers that are closing locations. This year, US retailers have announced that 5,994 stores will close. That number already exceeds last year’s total of 5,864 closure announcements, according to a recent report from Coresight Research.<doc-sep>Another retailer has given in to the pressure of reduced sales, announcing that it is considering closing 45 brick-and-mortar stores within fiscal 2019. Pier 1 Imports (PIR) made the announcement on Wednesday during its fiscal fourth-quarter earnings report. The home goods retailer said it closed 30 stores in its last fiscal year, leaving 973 operating locations. The new store closures will come as leases expire and may increase up to 15 percent if the company does not reach its revenue goals. “As anticipated, our fourth-quarter sales and profitability were disappointing and reflect the execution issues we identified earlier in the year and have been working with urgency to correct," Cheryl Bachelder, interim Pier 1 CEO, said in a statement. The plan to close stores is part of Pier 1’s action plan for fiscal 2020 to “drive benefits” of approximately $100 to $110 million. The company is planning cost reductions through revenue and margin, marketing and promotional effectiveness, sourcing and supply chain, cost cutting, and store optimization. Pier 1 said it has identified $79 to $80 million in cost savings through selling, general, and administrative costs, which it expects to realize in the second half of 2019. Net sales for Pier 1 in its fiscal fourth quarter decreased by 19.5 percent to $412.5 million vs. the $512.2 million in net sales the company reported in the same quarter of 2018. The company said that the net sales reductions were “a result of lower average customer spend, which is primarily attributable to changes in the Company’s merchandise mix, as well as decreased store traffic.” The news that Pier 1 is considering closing stores follows home goods retailer Bed Bath & Beyond’s announcement that it will close 40 locations within the year. Shares of Pier 1 were down 26.57 percent as of 3:31 p.m. ET on Thursday. Photo: Getty Images/Geri Lavrov<doc-sep>Home goods retailer Pier 1 Imports could close as many 145 more stores in the fiscal year, the Texas-based home goods retailer said Wednesday when it reported financial results. The news comes a week after Bed Bath & Beyond said 40 locations could be shuttered this year. “As anticipated, our fourth-quarter sales and profitability were disappointing and reflect the execution issues we identified earlier in the year and have been working with urgency to correct," said Cheryl Bachelder, interim Pier 1 CEO, in a statement. After closing 30 stores in its fiscal year that ended in March, there were 973 stores in the chain, which sells furniture, home decor and other accessories. Now, the company is looking to close up to 45 more locations as leases expire and said that the number of closures could increase to up to 15% of stores if the company is unable to achieve its goals. Store closings 2019:Payless, Gymboree and Victoria's Secret are just some of the brands closing stores Land of the free:Barnes & Noble offers free downloadable copy of the Mueller Report upon release The year has been off to a rough start for retailers. Based on figures from global marketing research firm Coresight Research, bankruptcy filings and company earnings reports, more than 6,500 stores are slated to close in 2019. The pain is expected to continue, according to a report released this week from UBS Securities. UBS analysts said 75,000 more stores would need to be shuttered by 2026 if e-commerce penetration rises to 25% from its current level of 16%. Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko<doc-sep>
(CNN) — Add Pier 1 Imports to long list of retailers showing signs of distress. The troubled company put out a dismal earnings report Wednesday, and disclosed a larger-than-expected fourth quarter loss. Pier 1 said it’s shuttering as many as 45 locations this year — with the potential for several dozen more. Pier 1 said that it could shutter “up to 15% of stores if the company is unable to achieve performance goals, sales targets, and reductions in occupancy and other costs.” The company closed 30 stores last year and has roughly 1,000 stores remaining. Its stock dropped by nearly 25% on the news. Sales were particularly dire in its fourth-quarter, which is typically strong for retailers because it includes the holiday shopping period. The company said sales plunged 13.7% compared with the same time a year ago. Pier 1 appointed a restructuring expert as its interim chief financial officer to help turn things around. Deborah Rieger-Paganis, the managing director at global consulting firm AlixPartners, will fill the role. The company touted her 30 years of experience of “leading and improving retail companies’ finance organizations and business operations,” in a release. “I am committed to instilling financial discipline across the organization as we work to drive a successful turnaround and create value for shareholders over the long term,” Rieger-Paganis said. She will also keep her job at the consulting firm. The company lost its previous CEO, Alasdair James, last December after his turnaround plan failed. Pier 1, which is known for its candles and home accessories, has been struggling to compete against online retailers. The company is beginning an “action plan” to save as much as $110 million by the beginning of fiscal 2020. It also plans to establish a “clearer merchandise focus,” including eliminating inventory that isn’t “uniquely Pier 1 merchandise.” “We are continuing to focus on opportunities and initiatives to help drive incremental benefits in the coming years, creating the runway to return our brand to long-term health and sustainable financial performance,” said Cheryl Bachelder, Pier 1’s interim CEO, in a statement. Pier 1 joins a growing list of retailers that are closing locations. This year, US retailers have announced that 5,994 stores will close. That number already exceeds last year’s total of 5,864 closure announcements, according to a recent report from Coresight Research. The-CNN-Wire ™ & © 2019 Cable News Network, Inc., a Time Warner Company. All rights reserved.