Pier 1 Imports Looking for Rent Reductions

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.