"We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers," the retailer's CEO said in a statement

By Benjamin VanHoose
January 09, 2020 02:57 PM

Pier 1 Imports will close nearly half of its stores, the chain announced earlier this week.

In a report to its investors on Monday, the furniture and home decor retailer shared its third quarter financial results as well as announced its plan to close up to 450 of it 942 stores. Due to the reduction of locations, the number of distribution centers will also be decreased.

Pier 1 CEO Robert Riesbeck said in statement that the move will enable the Texas-based chain to reach an “appropriately sized store footprint” and “better position Pier 1 to meet our customers where they shop.”

“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” said Riesbeck. “We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”

Pier 1 Imports losing
Credit: Donna Mcwilliam/AP/Shutterstock

Never miss a story — sign up for PEOPLE’s free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories

Riesbeck added: “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.”

According to its official website, Pier 1 Imports — which was started in 1962 in California — employs an estimated 20,000 workers worldwide.

The self-proclaimed “socially conscious company” sells merchandise that ranges from candles and vases to wall decor, armoires and full-sized upholstered furniture.

In its recent earnings report, Pier 1 Imports noted an 11.4 percent drop in sales compared to the same time the previous year, citing the “shift of certain holiday selling days” as a potential reason for the reduction.

When reached by PEOPLE, a Pier 1 spokesperson had no additional comment. Details on which locations will close up shop and when the closures will happen are not immediately available.