The one silver lining is all of the savings to shop in the meantime.
When you're looking for remarkably inexpensive woven rugs, quirky decor for your mantel, and unexpected finds that "speak to you," there's only one place to go: Pier 1. A treasure trove for home decor and gifts we never knew we needed, Pier 1 stores are designed for those who love to get creative with their home decor. Unfortunately, these loyal Pier 1 shoppers received some disappointing news yesterday when the retailer announced that it will be closing up to half of its store locations across the country, in addition to some distributions centers. Here's what we know so far.
Bloomberg reports that the company is currently evaluating bankruptcy plans, and presented a draft of a plan to creditors last month. The potential plan pictured Pier 1 continuing as a smaller company of about $900 million in annual sales. Although the company hasn't officially announced which stores will be shuttered and you'll have to wait and see whether you local store stays open, some Twitter reports of store-wide sales are leading to speculation.
As the retail landscape changes, Pier 1 has had to compete with online retail giants like Wayfair and Amazon, as well as companies that have been quick to refresh their brick-and-mortar locations, such as Target. In addition to expected staff cuts at the headquarters in Fort Worth, Texas, the store closings could affect many other employees. “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's new CEO, Robert Riesbeck, said Monday in a statement.
With many store closings on the horizon, you'll want to visit your local Pier 1 ASAP. Online, the retailer is currently having its Semi-Annual Clearance Sale, with many items up to 70 percent off and furniture up to 50 percent off. Now's the time to stock up on those intricately embroidered throw pillows, outdoor patio sets, and discounted holiday ornaments.