The chain will open just five new Pier 1 stores this year, whileclosing approximately 60 locations as part of a turnaround programthat also will include cutbacks at corporate headquarters andmarketing expenditures, as well as merchandising changes.
"We will continue regular reviews of our stores on astore-by-store and market-by-market basis," said new president andCEO Alex W. Smith. "When it makes good business sense, we willclose locations through natural expiration, economic terminationand subleasing."
In fiscal 2007, the company opened 34 stores and closed 64units, ending the year with 1,196 stores in the US and Canada.
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