Why Pier 1 Imports Stock Was Tumbling Today
Shares of Pier 1 Imports (NYSE: PIR) were sliding on fears that the struggling home-goods retailer could go bankrupt after the company said it would close about half of its stores earlier in the week. Shares were down 17.5% today as of 12:44 p.m. EST, which follows a 17% drop on Monday and another 9% slide yesterday.
On Monday, the company said that it would close 450 stores and reported comparable sales down 11.4% in the third quarter, which ended on November 30, as well as a loss of $14.15 per share.
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Source Fool.com
