Pier 1 is the latest bricks-and-mortar retailer to abandon ship in Colorado Springs.
The Fort Worth, Texas–based seller of decorative home furnishings, gifts, furniture and other items will close its two remaining stores in the Springs, at 3030 New Center Point in the First & Main Town Center and 1685 Briargate Parkway in the Promenade Shops at Briargate.
Pier 1 representatives didn’t respond to questions from The Gazette, but Colorado Springs store employees were telling customers Tuesday that their locations will close around early April. “Store closing” signs have been posted in the windows of both stores.
Pier 1 announced last week that it planned to close up to 450 of its 942 stores amid financial struggles that have the retailer contemplating a Chapter 11 bankruptcy filing, according to several national news reports.
Those news stories also said Pier 1’s store closings would affect thousands of jobs. It’s unknown how many employees work in Colorado Springs, whether they’ve been offered positions elsewhere or if they’re receiving severance packages.
It’s also unknown why the Springs’ stores were chosen to close — whether they were underperforming, in bad locations or just victims of the retailer’s financial woes.
At one time, Pier 1 had a store at Academy and Dublin boulevards in northern Colorado Springs; it closed when the chain opened the Promenade Shops at Briargate store in 2003. Pier 1 also operated a store in the Broadmoor Towne Center on the south side.
The Colorado Springs stores aren’t the only closures in the state. Based on checks with other Pier 1 stores, locations in Avon, Boulder and Littleton also will close around April. Pier 1 locations in Denver, Fort Collins, Lakewood, Lone Tree, Loveland and Thornton will remain open.
Pier 1 joins a host of well-known brick-and mortar retailers that have closed locations in the Springs and around the nation in recent years.
In many cases, they’ve cited increased competition from Amazon and other online retailers as reasons for downsizing the number of stores.
At the same time, retail experts have said some chains have failed to modernize the look and feel of their stores or have declined to bring in new merchandise lines, all of which are needed to keep customers coming in the door.
In Colorado Springs, Sears closed its two stores in 2019, while Kmart shuttered its last location a year earlier.