Pier 1, the once innovative and trend-setting home furnishings retailer, is facing bankruptcy, according to reports and is said to be closing 450 of its over 940 store locations. The company plans to file for Chapter 11 bankruptcy protection and cut 40% of its administrative staff, according to Bloomberg. Competition from discount retaiers like WalMart and online shopping as well as a failure to differentiate itself in the marketplace is being blamed for its downfall.
Currently, a search on the Pier 1 website results in only four locations on Long Island. Most other locations that have already been removed from the Pier 1 website confirmed to LongIsland.com that they are closing.
Store that will remain open include:
- Freeport - 210 East Sunrise Hwy
- Massapequa Park - 5220 Sunrise Highway
- Lake Grove - 2021 Smith Haven Plaza
- Rocky Point - 291 Route 25A
Store locations that confirmed they will be closing include:
- Carle Place - 216 Glen Cove Rd
- New Hyde Park - 1454 Union Tpke
- Long Beach - 214 E Park Ave
- Bay Shore - 1871 Sunrise Hwy
- Commack - 118 Veterans Memorial Hwy
- Bohemia - 5187 Sunrise Hwy
- Huntington Station - 7 E Jericho Turnpike
- Riverhead - 1470 Old Country Road
Many stores that are closing are reporting they are having clearance sales and are not receiving new stock.