NEW YORK (CBSNewYork/AP) – Stock in Pier 1 Imports tumbled nearly 17% on Monday after two big developments: the company said it was closing up to 450 stores and Bloomberg News reported the company is nearing a bankruptcy filing.

The closures would represent more than half of Pier 1’s 942 locations in the U.S. and Canada. The company also plans layoffs at its corporate headquarters in Fort Worth, Texas.

Competition from online retailers, and big-box stores, are blamed for Pier 1’s troubles.

Pier 1 named a new CEO with a background in corporate turnarounds in November. Robert Riesbeck previously served as the company’s chief financial officer.

“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Riesbeck said Monday in a statement.

Pier 1 said sales in its most recent quarter fell 13% to $358 million as store traffic fell. It reported a net loss of $59 million for the quarter, which ended Nov. 30.

The company — which was founded in California in 1962 — has been trying to revamp its cluttered stores and change its offerings to appeal more to younger customers.

(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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