Sentinel staff report–
The Pier 1 Imports store in Citrus Heights will be closing this year, along with up to 450 of the company’s other stores.
Plans for closure of nearly half the 942 stores owned by Pier 1 Imports, Inc., were announced in a Jan. 6 earnings report that showed its third-quarter net sales dropped 13.3 percent, compared to the same period the prior year.
The Texas-based home furnishing chain said the drop in sales reflects “lower average customer spend,” which it said is “primarily attributable to changes in the Company’s merchandise mix, as well as decreased store traffic.”
In a prepared statement, Robert Riesbeck, Pier 1’s chief executive officer and chief financial officer, said the planned store closures are a “necessary business decision.”
“Fiscal third quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise,” said Riesbeck. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives.”
Signs advertising 20 to 40 percent off were observed posted at the Citrus Heights store location at 6245 Sunrise Blvd. last weekend. A specific closing date is unknown.
