So I am visiting in NY and noticed two stores (Henrietta and Greece) have storewide sales up to 30% off and signs everywhere. Does this mean they are closing?
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Storewide sales or “All Sale Stores” were introduced in the fall as a last ditch effort to liquidate inventory before ending 3rd quarter reporting. Once Q3 numbers came in at New Years, the company let wall street make the decision to close 450 stores and salvage the company. Stores are literally being notified this week of their own closures, so not everyone knows yet. It’s not a conspiracy, literally just how business works unfortunately for the public (and workers)
Officially: store is not closing
Unofficially: closing is likely
Pier 1 corporate has told the stores that are holding the "Storewide Sales" that they are NOT closing and to communicate this to customers who ask.
Are they being honest? Here are the facts:
A) The Storewide Sales are being run by Gordon Brothers, a retail liquidation firm.
B) These sales have the appearance of a store closing sale because they are being administered as a progressive markdown where, each week, prices are reduced and the items never return to a "regular price."
C) The Storewide Sale stores are NOT receiving new seasonal merchandise (spring candles, outdoor furniture, etc...) like the rest of the stores. Instead, they are getting truckloads of outdated merchandise from the warehouses. Appears that Pier 1 is cleaning out the leftovers that have been filling their distribution centers.
D) Many landlords for these stores are starting to list them as "soon-to-be-available" for lease.
Now, you can decide if Pier 1 is accurately portraying the nature of the Storewide Sale.