Pier 1 Imports Has Filed for Bankruptcy

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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.