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PIR - Retail Apocalypse Continues as Pier 1 Imports to Close Half of Its Stores
Pier 1 Imports
The U.S. retail industry suffered a record number of store closings last year. The trend shows no sign of abating in 2020, as Pier 1 Imports(NYSE: PIR) recently announced it would be closing as many as 450 stores due to falling sales and profits.
Rumors of an impending bankruptcy filing continue to swirl around the home furnishings retailer. It's just one of a growing number of signs that the retail apocalypse, which has already laid waste to huge swaths of the industry, is not yet done wreaking havoc.