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Pier 1 Ups Store Closing Estimate

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Pier 1 Imports Inc., the biggest U.S. retailer of imported furniture, on Friday reported a wider loss than analysts estimated after reducing prices to clear out items. It also announced plans to cut jobs and close Pier 1 Kids stores.

The first-quarter net loss grew to $56.4 million, or 64 cents a share, from $23.2 million, or 27 cents, a year earlier, the company said. Pier 1 will shut 100 stores, compared with a previous plan for 60, and eliminate an unspecified number of jobs. Its shares fell the most in three months.

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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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