LOS ANGELES (CBSLA) – Pier 1 Imports is set to shutter nearly half of its stores as the home goods retailer reportedly lurches closer to bankruptcy.

In a statement Monday, Pier 1 said it will close up to 450 stores “in order to better align its business with the current operating environment.”

The chain – with more than 900 stores across the U.S., including more than 20 locations in Southern California – will also close distribution centers and trim its corporate workforce.

Pier 1 stock, which traded at $300 a share in 2015, traded around the $5 mark as of Monday afternoon.

(Photo by Joe Raedle/Getty Images)

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