Pier 1 Shares Plummet As Company Shuts Down 450 Stores, Sales Decline Home merchandise retailer Pier 1 Imports Inc.'s (NYSE: PIR ) shares plummeted on Monday as company reportedly nears bankruptcy. What Happened The Texas-based company on Monday reported net sales of $358.4 million in the third quarter. This is a 13.3% decline year-on-year. Pier 1 posted a quarterly net loss of $58.96 million, with a loss per share of $14.15. The company had reported a $12.15 loss per share in the similar quarter a year ago. Why It Matters The retailer also said that is shutting down 450 stores, certain distributing centers and laying off staff as it seeks … Full story available on Benzinga.com