UNDATED -- St. Cloud isn't the only community saying farewell to quirky home decor retailer Pier 1.

In an update to investors Monday, Pier 1 Imports, Inc. announced it will close 450 of its 936 stores. The company also plans to shutter several distribution centers and lay off an unknown number of corporate employees.

The decision reflects a dismal third quarter report, including a sales decline of 13 percent and a loss of $59 million.

As reported by WJON in December, the final day of business for Pier 1 in St. Cloud is February 26. A company spokesperson confirmed the closure in an email.

"The Pier 1 store location in St. Cloud will close when our lease expires in early 2020. As a matter of practice, we do everything we can to support our associates during this time of transition. We care about our customers in the St. Cloud area and have enjoyed serving them over the years."

Pier 1 specializes in imported home furnishings, lighting, tableware and other accessories. The St. Cloud store opened in its current location in 2003.