Pier 1 Imports announced it will close up to 450 stores, nearly half of its 942 outlets.
The news comes amid rumors unconfirmed that the retailer will soon file for bankruptcy and after another quarter of declining sales and losses.
Pier 1 said sales decreased 11.4 percent compared to the third quarter of fiscal 2019.
Pier 1, which did not reveal the timetable for store closures, said it plans to shut down some distribution centers and reduce its corporate headcount while also slashing expenses.
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