Pier 1 Imports will close its store at 422 South Lake Avenue as part of its survival plan to shutter roughly half its stores in a bid to stay afloat amid years of falling sales, according to media reports.
Pier 1 didn’t immediately return a request for comment about the closure.
The Fort Worth, Texas-based company is reducing its store footprint by up to 450 locations and it will close certain distribution centers. There will also be layoffs at the corporate level, the report added.
The announcement after Pier 1′s financial results for the third quarter ended November 30, 2019 were released on Jan. 6.
The home-goods outlet has posted seven straight quarterly losses.
“To reflect the revised store footprint, the company also plans to close certain distribution centers and reduce its corporate expenses,” the January 6 report said. “This includes a reduction in corporate headcount. In order to maintain the same high standards customers have come to expect and ensure a seamless experience for customers at these locations, the Company is utilizing the services of a third-party liquidator to help manage the store closings.”
The company added it has received consent from its lenders under the Revolving Credit Facility “to permit the reduction to the store footprint and related actions.”
“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Robert Riesbeck, Pier 1′s CEO and chief financial officer, said. “We thank our team of hard-working associates for their commitment to Pier 1 and to serving our customers.”
Founded with a single location in 1962, Pier 1 Imports operated 936 stores in the U.S. as of Jan. 1.
To learn more about Pier 1 Imports, visit www.pier1.com
Health care provider Kaiser Permanente said Friday it is committing $25 million to become the first private sector contributor to California Governor Gavin Newsom’s newly announced fund to combat homelessness.
Kaiser Permanente’s Southern California regional headquarters are in Pasadena.
The pledge supports efforts by Kaiser Permanente statewide and builds on the $200 million in impact investments that Kaiser Permanente has announced in recent years in support of community health. It also complements ongoing sustainable rapid-housing programs and efforts to strengthen systems that can end chronic homelessness.
Newsom announced the creation of the $750 million California Access to Housing and Services Fund in a preview of his 2020-2021 budget on January 8, calling on corporate and philanthropic organizations to contribute to the fund. The fund will focus on prevention and early intervention by paying rent for individuals experiencing homelessness or on the verge of losing housing.
“Chronic homelessness has been shown to cut 27 years from the average life span and is associated with communicable diseases such as hepatitis and typhus, increased hospitalizations, and frequent readmissions,” Kaiser Permanente Chairman and CEO Greg Adams said in a statement. “Safe and stable housing is key to a person’s physical, mental and social health, so we applaud the governor’s plan to address homelessness.”
The California Access to Housing and Services Fund is the cornerstone of Newsom’s budget proposal, which allocates more than $1 billion to address homelessness. Funds will be given directly to local providers throughout California by the Department of Social Services.
“The homelessness crisis impacts every community in California and it’s on all of us to step up and lean in to find solutions,” Gov. Newsom said. “Just nine days after challenging California’s philanthropic and private sectors to partner with the state, Kaiser Permanente answered the call.”
Kaiser Permanente’s work to combat homelessness includes a successful initiative with Bay Area Community Services to house 515 Oakland adults above the age of 50 and battling chronic health conditions.
Pasadena Weekly Deputy Editor André Coleman will join Pasadena Now on Jan. 16.
Coleman will serve as the Managing Editor and oversee daily assignments and the editorial direction of Pasadena Now. Coleman has won several awards for news writing and investigative reporting from the Los Angeles Press Club and the California News Publishers Association.
Last year he was an L.A. Press Club Journalist of the Year finalist for his coverage of the ATF investigation and eventual arrest and conviction of former Pasadena Police Officer Vasken Gourdikian.
Coleman grew up in nearby Altadena and started his career as a sportswriter with the Pasadena Star-News. He has spent nearly 20 years with the Pasadena Weekly.
“Pasadena Now has unlimited potential,” Coleman said. “It’s time to start tapping into it. I’m excited about where Pasadena Now is going. I think very soon the readers will be too.”
According to Coleman, Pasadena Now will do more investigative pieces, and strengthen its news coverage in under-reported parts of the city and deep dive into City Hall.
“Soon readers will see some new bylines at Pasadena Now, but the names won’t be unfamiliar to anyone following local journalism.”
Pasadena Now Publisher James Macpherson said.
Macpherson said Coleman brings a level of experience and professionalism to Pasadena Now that was needed.
“We wanted to seriously up our game,” Macpherson said. “André is the perfect person to do just that.”