COVID-19: Pier 1 Lays Off Staff

The company will also reduce some salaries by up to 50 percent
Posted March 25, 2020

Pier 1 (Forth Worth, Texas) will be furloughing some of its staff, including roughly 65 percent of main office staff, and some distribution and store associates, according to Retail Dive.

Corporate employees at an Executive VP level or higher will receive a 50 percent reduction in salary, while Senior VPs will see a reduction of 30 percent. Compensation for retained associates who are “critical to ensuring business continuity and a seamless customer experience on,” will be reduced by 20 percent, reports Retail Dive.

In a press statement, Pier 1 CEO and CFO Robert Riesback said, “Like many retailers that have temporarily closed stores in response to COVID-19, we are making difficult decisions that are necessary to preserve value in our business for the long-term benefit of our associates, customers and other stakeholders.”