Pier 1 Imports starts furlough program, announces wage cuts

Because of COVID-19's impact, Pier 1 Imports Inc. said it is preserving liquidity by cutting wages and furloughing a portion of its employees, according to a news release. Pier 1 will furlough about 65 percent of home office associates and certain store and distribution associates, according to the release. The company did not clarify the exact employee headcount that would affect. The national retailer will also cut wages by 50 percent for executive vice presidents and above, 30 percent for…