Kids Mobile Log In  |  Register          Free Newsletter Subscription

Pier 1 to shut all kids stores

Staff -- Kids Today, 7/1/2007

Pier 1 will close all 33 of its Pier 1 Kids stores by Oct. 31 and its 24 clearance stores by July 31 to focus on its full-line units, the retailer's president and CEO said recently.

In total, the company will close 100 stores this year, CEO Alex Smith said in a conference call with securities analysts.

"We need to focus 100% of our attention on our core business, the Pier 1 Imports stores," Smith said. He made the comments while discussing Pier 1's earnings for the first fiscal quarter ended June 2, which included a net loss of $56.4 million, compared with a loss of $23.2 million a year earlier, and sales of $356.4 million, down 5%.

In addition to closing stores, he said the company will exit its e-commerce and catalog sales activities by Oct. 31, although it will keep its pier1.com Web site for marketing purposes.

The moves will leave the company with 1,020 stores in the United States and 80 in Canada.

Smith said the full-line Pier 1 Imports stores have provided a better return on investment than the operations that are to be closed.

The company entered the children's furniture business with the 2001 acquisition of retailer Cargo, and later changed the name to Pier 1 Kids and opened some additional stores.

Smith also told the analysts that the company continues to make progress on efforts to return to profitability, including clearing its modern craftsman merchandise and adding products that reflect "the true essence of Pier 1 Imports." Such goods will have "a high level of handiwork, a lot of decoration (and) nods in the direction of the country in which it is made."

Between now and the end of January, more than 2,000 new SKUs will be delivered to the stores, Smith said.

Related Content

Related Content

 

By This Author

Reed Business Information Resource Center

Featured Company


Most Recent Resources


Sponsored Links



 

More Content

  • Blogs
  • Photos

Blogs

  • Gerri Hunt
    On the Shelf

    August 13, 2009
    Send baby's nursery under the sea
    In this August heat, it’s tempting to take a trip to the beach and spend the entire time under...
    More
  • Bridget Kelly
    The Style Center

    July 23, 2009
    No wire hangers!
    Walking through Barneys home department in uptown NYC, I stopped dead in my tracks... What is that??...
    More
  • » VIEW ALL BLOGS RSS

Photos


Sorry, no photos are active for this topic.

Advertisements





MOST POPULAR PAGES


NEWSLETTERS
Get the latest info on the infant & juvenile furnishings industries with our weekly eNewsletter

Kids Today eWeekly
Furniture Today eDaily
Furniture Today eClassifieds
Bedding Today
Furniture Today Green
Home Accents Today eWeekly
Home Accents Today Product Line
Casual Living eWeekly
Gifts & Dec Direct
Gifts & Dec Product Wire
Home Textiles Today Extra
Playthings Extra
Please read our Privacy Policy

About Us    |    Advertising Info    |   Site Map    |   Contact Us    |    Free Subscriptions    |   Industry Links    |    RSS
©2010 Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Use of this Web site is subject to its Terms of Use | Privacy Policy