Search
 

Pier 1 Imports Looking for Rent Reductions

FORT WORTH-The company still plans to close up to 30 stores by the end of the year, but now it seeks better deals with more pliable landlords.

By Debra Hazel | Updated on December 19, 2008

FORT WORTH-With its goal of returning to profitability by August 2010 delayed by the current downturn, Pier 1 Imports is working closely with its landlords to cut rents, executives said at the company’s third-quarter conference call. The company has approximately 200 leases coming up for renewal or termination in the next 12 months, and has already begun negotiating reduced rents, said Alex W. Smith, president and CEO.

“We’re finding that landlords are much more willing to make concessions than they were a year ago,” Smith said. “We have already made progress and started to achieve significant rental reductions, and we intend to continue to do so.”

The company now plans to close between 25 and 30 stores this year. However, store closings are not the main goal right now.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.