LANSING, Mich. — Another bad sign for pier 1 imports.
The home goods retailer, Pier 1 Imports, says it is closing 57 stores this year.
That is up from an April estimate of 45 store closures.
It is also another bad sign for brick and mortar retailers as they try to compete against online competitors.
The company's CEO, Cheryl A. Bachelder, says there could be even more closings to follow.
Pier 1 Imports, Inc. is based in Fort Worth, Texas and is a retailer specializing in imported home furnishings and decor.
Established in 1966, the company went public and began trading company shares on the New York Stock Exchange in 1970.
As many 145 stores could close as part of a 15% company-wide cut.
Currently, Pier 1 has nearly 1,000 stores in the United States and Canada.
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