01STOCK_MONEY2

JANESVILLE

It was not clear Tuesday if the Pier 1 Imports store in Janesville is among about 450 stores the company plans to close.

The home décor company said Monday it is closing about half of its 942 stores nationwide and will also close distribution centers. The company didn’t say where the store closures would occur. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas.

The Pier 1 website listing for the Janesville store at 2800 Deerfield Drive indicated Tuesday it was having a storewide sale, reading, “Shop in store and save on everything.” The website did not give visitors the option of making the Janesville location “My Store.”

“Due to the unique nature of this store, Pier1.com can not accept store pick up orders to this store,” the site read about the Janesville store.

A manager at the Janesville store declined to comment, referring The Gazette to a Pier 1 media relations email address.

The company didn’t say how many workers will be affected by the closures.

The moves had some investors wondering if a bankruptcy filing was imminent. Also Monday, Pier 1 added two members to its board with expertise in corporate restructuring.

Pier 1 named a new CEO with a background in corporate turnarounds in November. Robert Riesbeck previously served as the company’s chief financial officer.

“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Riesbeck said Monday in a statement.

Pier 1 said sales in its most recent quarter fell 13% to $358 million as store traffic fell. It reported a net loss of $59 million for the quarter, which ended Nov. 30.

The company—which was founded in California in 1962—has been trying to revamp its cluttered stores and change its offerings to appeal more to younger customers. But it is struggling to compete with budget-friendly home décor sites such as Wayfair.

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