news-record.com

FORT WORTH, Texas (MCT) - Pier 1 Imports said Tuesday it may close up to 125 "underperforming" stores if the negotiations to cut rents aren't successful.

The company has two stores in Greensboro and one in High Point.

The Fort Worth company also said it is closing its distribution center at St. Charles, Ill., and plans to cut about 10 percent of fulltime-equivalent positions in its distribution center, home office and field administration.

The company said in a release that the aim of its plan is to "meet the challenges of the current environment and to position itself for optimum performance in a post-recession economy."

Pier 1 said it has "begun negotiating with landlords to achieve rental reductions across the chain. These negotiations may lead to the execution of early termination agreements for up to 125 underperforming store locations, if rental reduction negotiations...prove unsuccessful."

DJM Realty has been hired to assist in completing the negotiations by the end of May 2009.