Specialty retailer Cost Plus Inc. said Friday that it was closing 26 stores and exiting eight regional markets in response to the current economic downturn.
"We were disappointed with our holiday sales results and larger-than-anticipated markdowns resulting from the tough economic climate and exceptionally poor weather conditions in certain geographic areas," said Barry Feld, chief executive of Cost Plus.
Feld added that the company would implement other cost-cutting measures, including laying off some employees.
Cost Plus, which sells mainly home decor such as furniture, bedding and candles, did not specify which locations would be closed.
The company currently operates 296 stores in 33 states.
Shares of Cost Plus fell 8.9%, or 9 cents, to 92 cents Friday.