Pier 1 Imports is the latest brick-and-mortar chain to fall victim to the online shopping trend. On Monday, the company announced that nearly half of their stores, about 450 locations, will close according to CNN.
Just five years ago, their stock was valued at $300 per share. In 2020 it’s just $5. They’ll also be closing distribution centers and laying off corporate employees.
No specific locations have been announced yet for the closures. But, it’s safe to say there will be some liquidation sales.
There are currently Pier 1 Import stores in Plainfield, Noblesville, Indianapolis and Carmel.