BUSINESS

Mayfair Road Pier 1 Imports store to close

Paul Gores, Milwaukee Journal Sentinel

The Pier 1 Imports store across from Mayfair mall is preparing to close.

Pier 1 Imports is planning to close its store across from Mayfair mall.

The home décor and furniture retailer, which has been shuttering some of its locations across the U.S. over the past couple of years, is conducting a sale as it prepares for the closing of the store at 2545 N. Mayfair Road in late May.

"Pier 1 Imports continually reviews new and existing store locations to make sure we’re operating as efficiently as possible," said company spokeswoman Melissa Simon. "Where necessary, based on that review, we make the strategic business decision to close certain locations on a case-by-case basis."

In 2015, Pier 1 executives said they planned to close about 100 stores over the next three years, mainly through lease expirations and relocations. On a conference call with Wall Street analysts last week, Jeffrey Boyer, chief financial officer, said the company would close 20 to 25 stores “for probably the next couple of years,” according to a transcript by the investment research firm Seeking Alpha.

Like many retailers, Fort Worth, Texas-based Pier 1 has seen earnings slip as consumer shopping habits have changed and more people are buying products through Amazon.com and other online retailers. Pier 1 had a profit of $39.6 million in its fiscal year 2016, compared with $75.2 million in 2015, financial records show.

Simon noted three other Pier 1 locations in metro Milwaukee where shoppers can go: Brookfield, Glendale and Greendale. Pier 1 also sells products online at its website www.pier1.com.

Simon said "as a matter of practice, we do everything we can to support our associates during this time of transition."