An official spokesman for the popular home retailer announced this week that the company will close another 57 stores this year – 12 more than originally planned for – as part of your brand reversal strategy.
Additional closure and rollover plans are the result of numerous grim quarterly earnings and current trade war reports in the US and China. "We are taking action to reduce our exposure to China last summer by using the strength of our global team," said CEO Sheryl Bachleder. we carefully reviewed our assortment and made price increases to mitigate some of the tariff increases. "
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A & # 39; gaci
Women's Clothing & Accessories Dealer A & Gaci filed a bankruptcy petition for Chapter 11 in January.
Kiko USA Inc., a cosmetics retailer, applied for Chapter 11 bankruptcy protection in January.
If the revised chain approach fails, Bachelder notes that they can take further action.
"If we are unable to meet our performance goals, sales targets and employment cuts and other costs, we could close up to 15% of our portfolio," she said.
Pier 1 has 967 stores left.