Wednesday, January 8, 2020

Pier 1 Imports Closing Store at The Maxwell Shopping Center (1014 S. Canal)

The picture speaks for itself:

What it doesn't say is when, but after talking to an associate at the store they said the scheduled closed date is Thursday, January 23rd.

If you're a Pier 1 fan there are likely some good deals to be had.

Regarding the impact to the neighborhood or what this means, the answer is likely due to the business of Pier 1 vs. anything specific to the neighborhood.  Here is a story from Fortune three days ago:
Pier 1 Imports is planning a significant increase in store closings as the distressed home-furnishings chain seeks to cut costs and turn around operations.
The company expects to announce the new round of shutdowns when it reports results for its third fiscal quarter next week, according to people with knowledge of the plan. The company aims to restructure out of court, in part by closing stores and using the savings to boost liquidity, said the people.
Filing for bankruptcy is an option under consideration if Pier 1 falls short of its goals, said the people, who asked not to be identified because the process isn’t public yet. 
Pier 1 posted eight straight quarters of declining sales and six consecutive quarterly losses as shoppers defected to new e-commerce players like Wayfair and conventional giants like Walmart that have expanded in the category. Turnaround executive Robert Riesbeck took over as chief executive officer in November, almost a year after Pier 1 replaced a previous CEO and said it would explore strategic alternatives.

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