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Pier 1 Quarterly Loss Widens

Fort Worth, Texas, Pier 1 Imports on Thursday said its quarterly loss more than doubled amid tepid sales and that it expects to close more stores than previously planned as it strives to return to profitability.

In a regulatory filing on Thursday, the company said it expects to close 100 stores rather than the 60 it had previously planned, and cut some more jobs. The company did not specify how many jobs it planned to cut.

For the first quarter, net losses widened to $56.4 million from $23.2 million. Quarterly sales fell 5.2% to $356.4 million.

Results were also hurt by a one-time charge of $3.5 million related to previously announced job cuts, the company said in a statement.

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