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GameStop said in March that it plans to close more than 300 stores in fiscal 2020.
Pier 1 Imports is currently grasping at life, but for decades it was one of the most popular destinations for home goods and decor.
Pier 1 filed for Chapter 11 bankruptcy in order to facilitate an "orderly sale process," according to a press release from Business Wire.
Pier 1 is planning to close roughly have its stores, or about 450 locations, in the upcoming months.
We compared Ross and the struggling Pier 1 Imports and saw why the messier store is actually better to shop for home goods
While Ross was clearly messier, Pier 1 Imports could not compete with the combined value and quality of the discount chain.
The Drive-Thru: Macy’s and Pier 1 Imports close stores, Barneys employees speak out, and Walmart unveils a grocery robot
2020 has barely begun, but the news never stops in the retail world. Read the latest in BI's retail newsletter.
Pier 1 Imports is closing hundreds of its stores amid reports of an imminent bankruptcy. We visited a store and saw why the chain is struggling.
Pier 1 Imports is closing up to 450 stores and reportedly cutting 40% of its headquarters staff. We visited a store and saw why it's struggling.
Pier 1 plans to close 450 stores and fire hundreds of employees as the company struggles to stay afloat
The company has been struggling after eight quarters of sales losses and mounting competition from retailers such as Wayfair and Walmart.
The stock's dismal performance comes amid the CEO's departure in December, followed by the chief information officer's departure announced last week.
We went shopping at Pier 1 Imports and saw why it has struggled to turn things around and compete with Amazon and TJ Maxx
Pier 1 Imports has had a rough couple of quarters. Analysts — and its own CEO — point to the fact that it isn't as trendy as competitors.