Pier 1 Imports, which operates a store in Newtown Township, plans to close nearly half its locations.
The Texas-based home goods chain said the locations that will be closed will be announced in the future. The Newtown Township store is located in the Court at the Village At Newtown Shopping Center.
The news of the shrinking of Pier 1’s footprint comes as the retailer faces financial pressures in shifting retail environment. The company, which operates 936 stores in America, also plans to close distribution centers and reduce its corporate expenses.
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Pier 1 CEO and Chief Financial Officer Robert Riesbeck said in a statement.
Pier 1 plans to use a third-party liquidator to help manage the store closings, Riesbeck said.
In the third quarter of 2019, net sales decreased by 13.3 percent, according to the company’s Monday earnings call.
