Pier 1 Imports will shutter up to 450 stores, and a bankruptcy may be on the way.
Pier 1 Imports Inc. shares sank after the home-décor retailer announced it would shutter up to 450 stores, while Moody’s thinks a bankruptcy could be on the way.
In addition to the store-count reduction, Pier 1 plans to lay off workers. The struggling retailer has hired a third-party liquidator to help with the store closures. Riesbeck was named CEO in November. He has experience working with companies that have filed for bankruptcy including plus-size retailer FullBeauty and consumer-electronics chain HHGregg.
Like many other areas of retail, the home category has been disrupted by a shift to e-commerce, with competition from the likes of Amazon.com Inc. AMZN, +0.21% having an impact.
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Pier 1 to close nearly half its stores as losses widen and bankruptcy rumors persistPier 1 Imports said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it reported quarterly earnings amid bankruptcy rumors. - CNBC
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