Pier 1 is the first national chain to announce store closings in 2020. The Fort Worth, Texas-based retailer announced it will close up to 450 of its 936 stores as well as some distribution centers and lay off an unspecified number of employees. The company stated the closings were due to declining store visits and changing consumer tastes. The company reported a quarterly decline of 13 percent and a loss of $59 million. The company’s annual revenue, which it last reported in April 2019, was $1.6 billion. The company said the closings would allow Pier 1 to compete as an omni-channel retailer.