Pier 1 Imports Inc's Chief Financial Officer Nancy Walsh is leaving after a...
- Pier 1 Imports Inc’s Chief Financial Officer Nancy Walsh is leaving after a year in the job at the struggling home furnishing retailer, which reported a bigger-than-expected loss in the fourth quarter on Wednesday.
The company known for its wicker chairs and scented candles has been battling falling sales in the face of increasing competition from rivals such as Williams-Sonoma and online giants like Amazon.com.Chief Executive Officer Alasdair James stepped down in December after his turnaround efforts failed to deliver results. The company had then said it was evaluating strategic options, but may not result in a sale.
It has roughly 987 stores in the United States and Canada. Pier 1 said the number of stores likely to be closed could increase by up to 15 percent if Pier 1 fails to achieve performance goals, sales targets, and reductions in occupancy and costs. Pier 1, which has a market capitalization of about $55 million, had a long-term debt of $245.6 million as of March 2.
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