Pier 1 to close some 60 stores

Apr 15, 2007 Full story: Asbury Park Press Online 382

Pier 1 Imports Inc., the biggest U.S. retailer of imported furniture, will close about 60 stores in the next year to save $17 million annually and halt eight straight quarterly losses. via Asbury Park Press Online

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JMC

Ocoee, FL

#1 Apr 17, 2007
Does anyone have any info on this?I read that over 100 store could get closed.My boss of course is playing possum.
hmmmmm

Brockville, Canada

#2 Apr 18, 2007
nothing up here in canada, nobody seems to have a clue about what is going on either. our entire division was re worked in the last few weeks, now we have some northern US stores as well. i guess we need to check our leases and profitability. lets keep each other in the loop
JMC

Ocoee, FL

#3 Apr 18, 2007
I lost money last year and am up against two high profile stores within 15 miles of me which makes me feel like a good candidate for closing.Ill wait and see.I will tell you this.Looks like we will see some clearance stores closing.To make things worse we are selling our excess discontinued furniture to closeout stores like Big Lots.This is not rumor its a fact.
hmmmmm

Orleans, Canada

#4 Apr 19, 2007
we've heard rumours of clearance stores as well, nothing more. still haven't met our new regional, so i don't really have a feel for what might be going on! not sure what is going to be left in the stores with all the 75% off mrch selling. i wonder if any of us will be profitablr after this latest sale. JMC, i wish you the best, there are atleast nine stores within 20 minutes of each other around here. you could go from my end of toronto, downtown and to the surrounding suburbs within 30 minutes and hit all stores easily within the hour, so i'm sure something will go
BenRoundLongtime

Irwin, PA

#5 Apr 20, 2007
its one thing to divest ourselves of the bad merchandise buys by selling it all to jobbers.... Big and Small Lots for one, but what then? have the buyers experienced an epiphany? will they avoid another loft 21? will the quality match the price?....Will all those addresses we have gathered for IN TOUCH actually be used? There better be some great merchandise in the pipeline fast or it will be very difficult to make a gain over ly.
JMC

Ocoee, FL

#6 Apr 21, 2007
I am concerned about merch supposedly coming.We have everything in the furn books on the floor and there is no sign of anything anywhere coming down the line.Shelf goods is even worse.I am glad to see those dogs go but where do we go from there?Of course the upper mgrs still want us to perform miracles on the floor by keeping everything looking full.I am a slower store and am still having a hard time doing that.
Whats the difference,come five years we will all be working for Walmart or Starbucks.
RCS

Guntersville, AL

#7 Apr 22, 2007
To my understanding, most multi unit managers know the stores that are closing.
I know that Alex Smith has moved his office to the same floor as the buying and allocations team to work more closly with them. He is re-vamping the buying team and the image of the store. No news yet on what it will look like, but it must be coming soon. The point of all the markdowns right now is to move through all discontinued and clearance product by June 1.
In a side note, I also know that Smith had all the signs for reserved parking spaces removed at the home office. He told the EVPs that if they wanted the premier parking spaces they were use to having then they needed to get to work early to ensure getting them. He also told them they needed to start having lunch in the cafeteria with everyone else.
P1girl

Irmo, SC

#8 Apr 22, 2007
We should start seeing new product by the end of June/early July from what I've heard. Supposed to be closer to old school Pier 1. Right now, it's out with the old to get ready to bring in the new.
Alex Smith is apparently about getting his hands dirty and not just accepting what's always been. We need that right now. The next year is going to be rough. Really rough IMO, but we'll be fine.
JMC

Ocoee, FL

#9 Apr 23, 2007
From what I understand its out with the old in with the old.We are bringing back ginger peach asian spice and other old disc scents.Its good to know Smith is getting aggressive.I know a lot of corp folks are still clenching butt cheeks.
I dont really have faith in what is coming next year and the rumors are wearing me and my staff down.A good 3 to 4 customers come in asking me questions or making comments about pier 1 closing.
In all honesty they do need to continue to look at closing stores.We have too many out there.
RCS

Guntersville, AL

#10 Apr 23, 2007
I don't think that Smith had much to do with the bringing back of the discontinued scents. That was already going to happen. Besides, why the heck did we discontinue Ginger Peach anyway? We couldn't keep that stuff stocked.
The look we will see first is going to be a mix of modern meets old school Pier 1. That is not the stuff Smith is working on right now. We won't see that stuff for a while because of how the buying departments have to work with overseas vendors. I do know we got a new vendor for candles because the previous vendor went out of business. The new vendor is based in China.
As for new furniture, we should start seeing some new things within the next 2 weeks.
Disgruntled in CA

Milpitas, CA

#11 Apr 24, 2007
Good for the new merchandise, our store is looking pretty empty. And I'm tired of "is this on sale?" all the time.
soandso

United States

#12 Apr 25, 2007
may 19th- all 75% off merch goes to 90% off. heard it on a conference call just today.
worried

Ocoee, FL

#13 Apr 25, 2007
We should be out of this stuff by then.Hopefully we wont have to deal with a bunch of price adjustments
hmmmmm

Markham, Canada

#14 Apr 26, 2007
any other relevant stuff on the conference call? hopefully we can all keep each other in the loop as news from FW is slow to trickle down. if anyone has any news on when the new merch comes please post....our sales floor is looking pretty empty, and if we are not being replenished!!! good luck all with the bedroom sale
RCS

Guntersville, AL

#15 Apr 27, 2007
We got the new Ryan and Bima in this week. I also read some intresting news today. While we suffered probably our worst year in our history, we still are cash postive and have no debt on our lines of credit.
jmc

Ocoee, FL

#16 Apr 28, 2007
I like the new pieces and hopefully there is more to come.I did hear,though,it could be some time before it comes in.
hmmmmm

Brockville, Canada

#17 Apr 28, 2007
kep that info coming please, we don't get any round here! ryan is nice, i agree. hope the veneer sticks. any new shelf goods out there? so far just final replenishment at our end.
ObserverInvestor

Fairport, NY

#18 May 5, 2007
I was told about this board and wanted to see what the store personnel is thinking.
One thing: RCS, you should look at the financials on Google or Yahoo for PIR. PIR isn't exactly "cash positive". The company does indeed have debt, and operating capital was in the negative according to recent reports. In addition to selling the credit card, and the European stores, the company did, last year take on a $165M+ loan as is my understanding.
With further cuts in operating expenses at the store level, and mid management, hopefully this company will reduce liabilities, and cash flow from actual sales will begin to pull positive.
All the best!
Chica in Pennsylvania

Long Valley, NJ

#19 May 8, 2007
Here's a thought....how about for all that debt that P1 has they take some of Smith's million dollar salary oh yes and his 50% bonus to put towards the crumbling company?!? Seriously if they want to cut costs---start from the top not from the hard workers at the ground level.
jmc

Winter Park, FL

#20 May 8, 2007
I think we are at best in a holding pattern.I am waiting for something to cheer about but I have a feeling something drastic will happen this year.Closing many stores is at the top of my list but declaring bankruptcy maybe a real possibility.My bosses arent saying much but I dont think they are hiding anything.They are probably in the dark as well.I will say most store managers are not hiding the fact that they are looking for other employment and to make things worse the company does not seem to be concerned with that.
That kind of says it all to me.

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