'Store Closing' signs posted at Pier 1 Imports in Springettsbury Twp., Hanover
Two Pier 1 Imports stores are set to close in York County.
“Store Closing” signs appear on the windows at both the Springettsbury Township and Hanover locations.
The Springettsbury Township store is located at 2975 Concord Road, and the Hanover store is at 422 Eisenhower Drive.
It is unclear when the stores will close. Both are advertising sales with 20% to 40% off everything.
A spokeswoman for the Texas-based chain had not yet responded to an email seeking comment Thursday morning.
Pier 1’s parent company announced plans last month to close nearly half of its 936 stores, cut corporate jobs and close some distribution centers amid reports it may declare bankruptcy.
Pier 1 sells an assortment of imported furniture, home-decor items and tableware.
Company officials shared their plans with investors in a recent quarterly financial filing.
According to a third-quarter financial report released 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 in recent years.
— Ron Musselman can be reached at firstname.lastname@example.org or via Twitter at @ronmusselman8