Pier 1 Imports To Close Hundreds Of Stores, Lay Off Corporate Workforce

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LOS ANGELES (CBSLA) - Pier 1 Imports is set to shutter nearly half of its stores as the home goods retailer reportedly lurches closer to bankruptcy.

In a statement Monday, Pier 1 said it will close up to 450 stores "in order to better align its business with the current operating environment."

The chain - with more than 900 stores across the U.S., including more than 20 locations in Southern California - will also close distribution centers and trim its corporate workforce.

Pier 1 stock, which traded at $300 a share in 2015, traded around the $5 mark as of Monday afternoon.

MIAMI, FLORIDA - APRIL 19: A Pier 1 Imports store is seen on April 19, 2019 in Miami, Florida. The company announced that it's shuttering as many as 45 locations this year or up to 15% of stores if the they are unable to reach performance goals, sales targets, and reductions in occupancy and other costs. (Photo by Joe Raedle/Getty Images)