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Pier 1 Imports Posts Loss as Stores Close 

Home furnishings retailer Pier 1 Imports reported a quarterly loss on Thursday as store closures and lower traffic in March and April hurt sales.

The loss came to $32.8 million, or 37 cents a share, for the first quarter ended on May 31, compared with a year-earlier loss of $56.4 million, or 64 cents a share.

Pier 1 offered to buy fellow furnishings retailer Cost Plus for about $88.4 million in stock earlier this month, but the operator of Cost Plus World Markets rejected the bid this week, saying it was not attractive financially or strategically.

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