Almost half of Pier 1 Imports' 942 stores in the US will be closed, according to an announcement by the company on Monday. About 450 stores will be targeted.

Reports indicate that the company is preparing to file for bankruptcy.

Pier 1 CEO and Chief Financial Officer Robert Riesbeck calls the move a "necessary business decision."

“Fiscal third-quarter sales and margins remained under pressure as we completed our efforts to clear out non-go-forward merchandise," Riesbeck said in a news release. "Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives."

A number of distribution centers will be closed as well.

Pier 1 Imports operates stores locally in Flint in the Somerset Town Center on Miller Road and on Silver Parkway in Fenton as well as stores in Brighton, Saginaw, Lansing, and throughout the Detroit area.

No official word as to which stores will be closing has been announced.