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Pier 1 to Close 80 Stores

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Pier 1 had said last month it was looking to reduce store rents in talks with landlords and that it might execute early termination agreements for up to 125 underperforming stores if negotiations were unsuccessful.

On Friday, Pier 1 said initial agreements had been reached to end leases on 14 stores, and added it decided to close two additional stores for which rental reduction or termination accords had not materialized.

As a result of the real estate negotiations, the company has achieved rental savings of at least $5 million for the fiscal year ending in 2010 and expects it will close no more than 80 locations, it added.

Link.

Bankruptcies and Liquidations:

Potential Bankruptcies & Liquidation Impact: 884 confirmed closures out of about 2,261 stores

Announced Closings

Total Closings: up to 978 U.S. stores

Potential Impact of All Announcements to Date: 1,862 closures out of up to 3,239 potentially affected U.S. stores

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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