Pier 1 Imports is No CB2

Pier 1 Imports is learning the hard way that looks are everything—at least, for customers who wake up to its chartreuse paisley comforters every. Single. Morning.

In Q1, Pier 1 sales decreased almost 16% to $314 million. It also reported a net loss of $82 million, more than doubling from the same time last year. Following the report, shares collapsed like every couch I’ve ever tried to build alone, down 16% Wednesday.

For once, digital rivals aren’t at fault. Pier 1 Interim CEO Cheryl Bachelder said the brand’s current products “do not reflect the unique on-trend assortments that our customer is accustomed to finding when they come to Pier 1.” Translation: We know our fish rugs are heinous.

And adding insult to injury, its real estate portfolio will also take a hit. Pier 1 will close 57 stores this year to cut costs—12 more closures than it estimated in April.