Things aren't getting any better for Pier 1 Imports. The home decor and furniture store announced it's closing 12 more stores this year. In April the company announced it was closing 45 locations.
In the first quarter Pier 1 posted a loss of $81.7 million, which was substantially larger than the $28 million loss it posted in the same quarter a year ago.
Interim CEO Cheryl Bachelder said if the company's turnaround plan doesn't work, it could close even more stores.
"If we are unable to achieve our performance goals, sales targets and reductions in occupancies and other costs, we could close up to 15% of our portfolio," she said.
According to CNN Business, "The company is in the midst of a plan to save as much as $110 million by the beginning of fiscal 2020. It also plans to establish a 'clearer merchandise focus,' including eliminating inventory that isn't 'uniquely Pier 1 merchandise,' the company previously announced."
Pier 1 has 967 stores remaining, including two in Bakersfield. It is not known at this time if the Bakersfield locations are affected.