Pier 1 Store Closures 2019: Which Location Are Closing Amid Hiring Of Financial Advisory Firm?

Struggling home décor retailer Pier 1 Imports (PIR) is closing more stores after its October announcement that it would be shutting the doors at up to 140 locations. The company is reportedly pulling out of the Hawaiian market completely, shuttering seven stores in the process.

The news of the store closures was confirmed by Pier 1 spokeswoman Jennifer Engstrand Reeder on Thursday as she said the closures were “part of a strategic business decision,” the Honolulu Star Advertiser reported.

“We are committed to having a substantial, national store presence as a cornerstone of our go-forward strategy,” Reeder told the news outlet. “At the same time, we are working to optimize our footprint to align with the needs of the business. We have previously announced our decision to close 70 stores and that we expected that number could increase.”

The seven stores in Hawaii reported to be closed include locations in Kailua, Hilo, Kauai, Maui, and three stores in Oahu. Liquidation sales are going on now at the stores, which are expected to close by early next year, the news outlet said. Pier 1 also closed its Kailua store last year.

Pier 1 also told the news outlet it is working privately with employees during the closures.

Amid the store closures, Pier 1 has tapped financial advisory firm, Guggenheim, as its lenders grow concerned over the company’s ability to pay its $258.9 million in long-term debt, Debtwire reported (via Retail Dive). This is in addition to hiring AlixPartners for operational assistance and CreditSuisse for strategic assistance, the report said.

Shares of Pier 1 stock were down 2.89% as of 2:15 p.m. EST on Friday.