Pier 1 Imports stores in Northridge and Thousand Oaks are among the 450 across the country that will close in the coming months.
In its quarterly earnings report released Jan. 6, the Texas-based home décor retailer revealed it will close nearly half of its 942 brick-and-mortar stores in an attempt to cut costs and stay in business amid decreased foot traffic.
Net sales for the quarter decreased more than 13 percent to $358 million, down from $413 million in the same quarter a year ago. Pier 1 reported a net loss of $59 million for the quarter.
“To reflect the revised store footprint, the company also plans to close certain distribution centers and reduce its corporate expenses. This includes a reduction in corporate headcount,” the company said.
About 20 stores will close in Southern California, including locations in Santa Monica, Long Beach, West Covina, five in Orange County, five in San Diego and two in Riverside.
The news follows the closure of a Pier 1 store in Canoga Park last summer.
The company didn’t say how many employees will lose their jobs.
Pier 1 joins Macy’s, Barneys New York, Sears and Kmart as the latest retailers to downsize significantly in the last year.