UPDATE: The company has begun Chapter 11 bankruptcy filings.

Original story below…

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NOTTINGHAM, MD—Pier 1 Imports plans to close up to 450 locations, which amounts to almost half of its 942 stores, the chain announced this week.

The company said on Monday that it would also be shuttering distribution centers.

Officials haven’t announced which stores will close, but the company operates stores in the U.S. and Canada.

Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas.

“Fiscal third quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise,” said CEO Robert Riesbeck. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives. To further advance our progress, we are announcing additional actions today that will enable us to move forward with an appropriately sized store footprint and operating structure as an omni-channel retailer, and better position Pier 1 to meet our customers where they shop.”

According to Bloomberg, the company is preparing to file for bankruptcy.

The Pier 1 Imports store in Nottingham is located at The Avenue at White Marsh.