Posted on 03/20/2009 5:45:52 PM PDT by Nachum
Retailer Pier 1 Imports Inc. said Friday it lost $29.4 million in its fourth quarter and could close 80 stores this year.
While better than expected, that net income amounted to a loss of 33 cents per share and showed a dramatic reversal for the three months ending Feb. 28. During the same period last year, the company earned $14 million, or 16 cents per share.
(Excerpt) Read more at businessweek.com ...
The Obama/Pelosi/Frank/Dodd Depression.
We live in a bizarro world. (sigh)
I had no idea they were still in business
Their business has been abysmal since the moment housing went bad... 2 local P1’s have had 70% off and greater sales continuously since Christmas ... they still have LOTS of inventory at prices that are too high even at 70% off....
I think Pier 1 Imports’ business model is about 30 years out of date. At that time, having something “Imports” was unique. Now, well, ha, it’s ALL imported, if you count “Made in China” as “Imported”. So of course they’re taking a pounding. Why shop at Pier 1 when Wal Mart or Target has the same Made in China doo-dads for half the price?
Just saw the going out of business sign in our local shopping center - that’s the third store to close in almost that many months - Linens & Things, Circuit City and now P1. Claire’s in the same strip is down to one employee per shift and closes early most week nights. Restaurants are all jammed pack though.
If you go to “You Tube” and use the search words “abandoned Mall” you will be surprised by the number of shopping centers that are boarded up and vandalized. Malls with places for 50 - 60 shops, with maybe only two or three stores operating. I mean the enclosed malls, not the out door ones. Very sad, scary, and depressing.
One of my favorite sites: http://www.deadmalls.com/
I’ve lived around the country and it’s interesting (and sad) to see malls of my childhood and youth that are no longer vibrant.
The ‘old store list’ on that site is also a look back through time.
Scary when the whole country is starting to look like a ghost town
Another domino falls in the commercial real estate bubble, which will make the sub-prime bubble look like child’s play...
What? Don't leave Reid out of the equation!
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