Pier 1 Imports to close half of its stores, sales signs up at Springetts site
The future of Pier 1 Imports in Springettsbury Township is unclear, as its parent company plans to close nearly half of its stores and cut corporate jobs amid reports the company will soon declare bankruptcy.
The Texas-based chain, which sells home furnishings and goods, plans to close 450 of its 936 stores, as well as some distribution centers.
A recorded message at the Pier 1 in York Town Center says, "We are having a storewide sale with everything up to 40% off."
A worker said on Thursday, Jan. 9, that he could not discuss the future of the store, and he referred all questions to Pier 1 representatives. The store is located at 2975 Concord Road.
There also is a Pier 1 store at 422 Eisenhower Drive in Hanover.
The company has not yet announced which stores it will close, and a spokeswoman for the chain did not respond to an email seeking comment.
Company officials shared their plans with investors in a recent quarterly financial filing.
According to a third-quarter financial report released Monday, Jan. 6, sales for Pier 1 had decreased 11.4% through Nov. 30 compared with the previous year, and the company suffered a net loss of $59 million.
The company’s stock also plummeted from $300 a share in 2015 to about $5 presently.
Many brick-and-mortar retailers have struggled to compete with online sites.