Pier 1 to Close 80 Stores
Pier 1 had said last month it was looking to reduce store rents in talks with landlords and that it might execute early termination agreements for up to 125 underperforming stores if negotiations were unsuccessful.
On Friday, Pier 1 said initial agreements had been reached to end leases on 14 stores, and added it decided to close two additional stores for which rental reduction or termination accords had not materialized.
As a result of the real estate negotiations, the company has achieved rental savings of at least $5 million for the fiscal year ending in 2010 and expects it will close no more than 80 locations, it added.
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Bankruptcies and Liquidations:
- Jan. 7, Goody’s liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores
- Jan. 16, Circuit City to Liquidate, closing 567 stores
- Feb. 6, Fortunoff, operates 20 stores
- Feb. 6, Bruno’s, operates 66 stores
- Feb. 12, S&K Famous Brands, operates 136 stores; Update: Feb. 19, plans to close 30.
- Feb. 17, Innovation Luggage, operates 10 stores
- Feb. 23, Ritz Camera, operates about 1,000 stores
- March 6, Joe’s Sports & Outdoor, operates 30 stores
Potential Bankruptcies & Liquidation Impact: 884 confirmed closures out of about 2,261 stores
Announced Closings
- Jan. 8, New York & Co., 50 stores
- Jan. 8, Macy’s, 11 stores
- Jan. 9, Supervalu, 50 stores
- Jan. 13, Cost Plus, 26 stores
- Jan. 20, Yankee Candle, 28 Illuminations stores
- Jan. 21, Filene’s Basement, 11 stores
- Jan. 22, Phillips-Van Heusen, 175 stores
- Jan 22, Brown Shoe, up to 35 Famous Footwear stores
- Jan. 26, Home Depot, 48 stores
- Jan. 29, Starbucks, 200 U.S. Stores (plus 100 international)
- Jan. 29, Chico’s, up to 25 stores
- Feb. 9, Talbots, 20 stores
- Feb. 24, Jimmy’Z, 11 stores
- Feb. 24, Z. Gallerie, 25 stores
- Feb. 25, Zale Corp., 115 stores
- Feb. 26, Gap, 50 net closings
- Feb. 27, Sears, 44 stores
- March 3, Virgin Megastores, 6 stores
- March 6, Ann Taylor, 37 stores in 2009, 163 total by end of 2010
- March 18, Drug Fair, 11 stores
Total Closings: up to 978 U.S. stores
Potential Impact of All Announcements to Date: 1,862 closures out of up to 3,239 potentially affected U.S. stores
