Pier 1 Imports CFO Resigns as the Fort Worth-based Retailer Reported a 19.5% Drop in Sales

Pier 1 Imports' chief financial officer has resigned and the Fort Worth-based home furnishings retailer reported a 19.5% decline in sales and a loss in its fourth quarter when it historically has posted a profit.Interim chief executive officer Cheryl Bachelder said Pier 1 will close 45 stores and may close up to 15 percent of its 970 stores in the U.S. and Canada if the company's cost structure doesn't improve. It has a plan to cut up to $110 million in costs this year. "The home furnishings retail sector is a healthy category right now," Bachelder said during a conference call with analysts. "It's our job to get the customer to spend her share of wallet at Pier 1."  Continue reading...