Jan. 7, 2020

Pier 1 plans to close up to 450 stores – nearly half of its 942 locations – but stores in Sioux Falls and Rapid City will remain open, employees said.

On Monday, the home decor and furnishings retailer reported sales and margins for its fiscal third quarter that CEO and CFO Robert Riesbeck described as “under pressure” as the company completed efforts to clear out some of its merchandise.

“Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives,” he said, adding the store closures and a reduction in warehouse and corporate staff will allow the business “to move forward with an appropriately sized store footprint and operating structure as an omnichannel retailer, and better position Pier 1 to meet our customers where they shop.”

The Pier 1 store in Sioux Falls is at 3801 W. 49th St. “We are not affected by the closing of stores right now,” a staff member said. In Rapid City, an employee said, “We’re not on the list.”

A list of store closures has not been announced nor has a timeline.

There have been media reports that Texas-based Pier 1 Imports Inc. could file for bankruptcy, but nothing has been confirmed.