FORT WORTH, Texas (AP) — Pier 1 Imports is closing nearly half its 942 stores as it struggles to draw consumers and compete online.

The home decor company said Monday it is closing up to 450 stores and will also shutter distribution centers. It didn't say where the store closures would occur, but it operates stores in the U.S. and Canada. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas.

The company didn't say how many workers will be impacted.

The moves had some investors wondering if a bankruptcy filing was imminent. Also Monday, Pier 1 added two members to its bo...