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The Telsey analysis reportedly found that many of those stores’ locations, with the exception of Wayfair because it mostly operates online, are within three miles of a Pier 1. Specifically, 60 percent of At Home locations, 59 percent of HomeGoods’ locations and 35 percent of Target’s locations.
The analysis also reportedly found that even though Bed, Bath & Beyond has an even closer geographical overlap with Pier 1 than the other retailers, the home goods store has been struggling itself.
|PIR||PIER 1 IMPORTS||3.56||-0.22||-5.82%|
|HOME||AT HOME GROUP INC||6.50||+0.14||+2.28%|
Bed, Bath & Beyond lost $38.6 million, or 31 cents per share, in its fiscal third quarter. Earlier this month, the company said its sales and profitability would be under pressure for the rest of the year, FOX Business previously reported.
According to the Telsey report, 47 percent of Bed, Bath & Beyond locations are within one mile of a Pier 1 and 59 percent of Bed, Bath & Beyond locations are within three miles of a Pier 1.
Pier 1 announced it would close up to 450 stores earlier this month as a way to restructure its business.
The company said that a “reduction in corporate headcount” would accompany the store closures, but it did not provide specific details on how many layoffs are expected. Pier 1 will also shutter distribution centers as part of its cost-cutting measures.
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Pier 1 CEO Robert Kiesbeck said. We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”
FOX Business’ Thomas Barrabi and Jonathan Garber contributed to this report.