Retailers hoping to put a brutal 2019 behind them aren't seeing many bright spots as 2020 begins. Pier 1 Imports has announced they will be closing as many as 450 stores across the country due to dwindling sales.

CNBC reports Pier 1 might be closing nearly half of their approximately 950 stores within the next few months. Some distribution centers and corporate expenses are also expected to be slashed.

The news comes as Pier 1 released their third quarter earnings results on Monday. The specialty retailer saw its third quarter loss widen from a year ago as same-store sales declined 11.4%.

“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” CEO Robert Riesbeck said in a statement.

Locally, a Pier 1 store in Mays Landing closed during the summer of 2019 but unconfirmed reports say that was due to a dispute with their landlord and not connected to any larger financial problems the chain is experiencing. A Skechers Outlet will soon be opening in its place.

In South Jersey, Pier 1 has stores in Somers Point, Cape May Court House, Manahawkin, Millville, Deptford, and Mount Laurel.

A list of stores that will be closing has yet to be released.

Enter your number to get our free mobile app