Pier 1 Files for Bankruptcy; Puts Company on the Market
February 18, 2020 9:05AM CST
FILE – This June 15, 2005, file photo shows a Pier 1 Imports store in Dallas. 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, Jan. 6, 2020, 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. (AP Photo/Donna McWilliam, File)
Another brick-and-mortar retailer is biting the dust. The latest victim of the changing times is Pier 1 Imports, which on Monday filed for bankruptcy and put its chain of stores on the market.
The revelation comes after Pier 1 officials last month unveiled plans to shut down 450 stores, which account for about half of the retailer’s locations. Since then, they’ve shuttered 400 stores.
Pier 1 execs say they hope to sell the retail chain before they’re forced to close any more locations. “Today’s actions are intended to provide Pier 1 with additional time and financial flexibility as we now work to unlock additional value for our stakeholders through a sale of the company,” CEO Robert Riesbeck says. Here’s the complete story from CNBC.
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