Pier 1 Imports Inc. is planning to dismiss about 40 percent of its headquarters staff and shut about 450 stores in an attempt to overhaul the troubled home furnishings business, Bloomberg News reported. The retailer has drafted a bankruptcy plan and last month made a presentation to creditors that envisioned a smaller company with about $900 million in annual sales. It’s also canceling some orders and has held talks with current lenders about providing chapter 11 financing. The company’s shares plunged as much as 30 percent on the news, and were hovering down about 17 percent at $5.175 when trading was halted. Pier 1 then reported a wider quarterly loss and confirmed it would reduce staff, shut almost half its stores and close some distribution centers. The headquarters staff cuts affect about 300 employees.
