FARGO - Fargo’s Pier 1 Imports store is officially a survivor.
Store manager Beth Calabrese said the shop at 4330 13th Ave. S. will remain open, even as the Fort Worth, Texas-based furniture and home decor chain continues the process of shedding nearly half of its stores in an effort to make its way back to profitability.
“We’re not closing! That’s the only thing I can tell you,” Calabrese said Wednesday, Jan. 15. “That’s as much as I know. It is positive.”
In early January, Pier 1 announced that it had a disappointing third quarter in which the firm saw its net sales decrease 13.3%. It recorded a net loss of $59 million for the quarter.
The company — which at that time had 942 stores and employed about 20,000 people worldwide — announced that it would reduce its store count by up to 450 locations, close some distribution centers, and reduce its corporate expenses, including trimming an unspecified number of corporate employees.
Pier 1 said the reorganization had the approval of its lenders and that it would hire a liquidation firm to help manage the closings.
Since then, reports have come in from around the U.S. and Canada of stores that will be closed, including all of the stores in Alaska and Hawaii. The Winnipeg, Man., and Mankato, Minn, stores are also closing, according to published reports.
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In early November 2019, Pier 1 announced the appointment of Robert Riesback as its CEO and as a director of the company. He was also to continue to serve as the firm’s CEO. He replaced interim CEO Cheryl Bachelder. Pier 1 said Riesback had 25 years of leadership in the retail and consumer goods industry and had “expertise in both growth and turnaround situations.”
The Wall Street Journal characterized Riesback as a bankruptcy veteran and debt restructuring expert.
Pier 1 was founded with a single store in San Mateo, Calif., in 1962, and for several decades grew in popularity. In recent years, however, it has worked to revamp its stores and fend off competition from companies such as Walmart, Home Goods and TJ Maxx, and online outlets such as Wayfair.
Pier 1 Imports also offers products at select Sears de Mexico “boutique locations” in Mexico.