Pier 1 Imports closing nearly half of stores as sales falter

Pier 1 Imports is closing nearly half its 942 stores as it struggles to draw consumers and compete online.

The company said Monday it is closing up to 450 stores and will also shutter distribution centers.

Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas.  The company didn’t say how many workers will be impacted.

Pier 1 said sales in its most recent quarter fell 13% to $358 million as store traffic fell.

The company reported a net loss of $59 million for the quarter, which ended Nov. 30. Pier 1’s shares fell 17% to close at $5.18 Monday.