Port 1 imports increase the number of stores that are expected to close this year.
The pet merchant in Texas said it expects to close 57 stores in the fiscal year, which is a dozen more than the April forecast. 45 stores.
"We are in active discussions with our landlords," interim CEO Sheryl Bachelder said during the company's quarterly talks with analysts. "When we did not see the landlord's involvement, we started our closure program as we said it would."
Bachelder repeated what he said in April ̵
"If we are unable to meet our productivity goals, sales targets and employment and other spending cuts could close up to 15% of our portfolio," she said on Wednesday
Your clothing is listed ?: Closing Shops 2019: CVS, Payless and Victoria's Secret are just some of the marks that cover the stores
The import of port 1 can close up to 145 stores. (Photo: Kelly Tico, US Today)
Representatives said that about 145 stores could close a 15% reduction
Days after Port 1 reported financial results in April, S & P Global R The largest credit rating agency has announced that the retailer is seeking restructuring of potential bankruptcy
According to the company's records there are more than 965 stores in the US and Canada. The chain sells home interior, furniture and other accessories. A year after the closure of the shops talk of new locations
Tariff Effect: China's tariffs could force the "wide closure of shoppers "and put $ 40 billion in sales risk
Basleler discussed China's tariffs during Wednesday's meeting and said the company was" pre-planned for "and the 25% increase in the financial port plan 1.
"We are actually taking action to reduce our exposure to China o last summer, using the power of our global team of supply, "she said. "As tariffs advanced, we carefully looked at our range and introduced price increases to mitigate some of the tariff increases."
Based on data from the global marketing research firm Coresight Research, bankruptcy reports and company revenue reports, 790 stores will be closed in 2019. Coresight traces 5,864 closures in 2018
The trade war with China may lead to "wide closures of stores" and put at risk $ 40 billion in sales, according to a report by UBS Investment Bank.
Follow Kelly Tyko on Twitter: @KellyTyko
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