Pier 1 Imports Has Filed for Bankruptcy
Another popular retailer is in the news for bankruptcy!
Pier 1 Imports, the trendy home furnishings store, has filed for bankruptcy. They are currently working with lenders to borrow enough funds until they can find a buyer for the company.
Earlier this year, Pier 1 announced it would close up to 450 stores and around 400 of those stores have already closed or started going-out-of-business sales. The company is also in the process of closing two distribution centers.
Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer, said,
In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives. We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment that will enable Pier 1 to better serve our customers across store and online channels. 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. We are moving ahead in this process with the support of our lenders and are pleased with the initial interest as we engage in discussions with potential buyers.
Pier 1’s stores and online platform are open and operating and they expect to operate its business in the normal course during this process.
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Any word on when the store closings sales will start taking place?
So sad when brick and mortar stores continue to cease operations.
Although I find them a bit overpriced, I splurge on their Christmas ornaments.
We don’t know, but we will post it as soon as we do!
Ours started the closing out sale last month. They are up to 60-80% off and they have a week left until our store closes for good 🙁. So sad
I’m surprised it’s taken Pier 1 this long to call it quits.
I wasn’t a Pier 1 shopper even before Amazon was a thing. Their prices are ridiculous.
Another one bites the dust 😒 I have found some really great clearance finds over the years, so sad to see them go 🥺
I bought a kitchen table and chairs there on sale over 10 years ago. Despite a few moves and daily use they have held up very well.
I work at Pier 1 and the stores that are closing started the process in Jan. From what I understand they want them closed by April. Thankfully my job is safe for now. But I know many people that have been with the company for 20-30 years that will have no jobs.