Sina US Stock News reported on the 7th, Beijing time, that US home decor and gift retailer Pier 1 (Pier 1 Imports) announced on Monday that it plans to close up to 450 stores, which is equivalent to nearly half of its 942 stores. The move comes at a time when news is circulating in the market that the company may file for bankruptcy and restructuring.

The company also released its latest financial report. Its third-fiscal quarter losses widened, and sales fell 13.3%, falling for the ninth consecutive quarter.

Pier 1 also said it plans to close some distribution centers and reduce company expenses, including a drastic reduction in the number of company employees.

At the close of trading on Monday, the company's stock price plummeted 16.8%, and at one point it plummeted 25% intraday. Over the past year, the company's stock price has fallen by more than 40%. Currently, the market value is only around 22 million US dollars.