Pier 1 Imports Files for Bankruptcy and Seeks a Buyer
Pier 1 Imports, the specialty furniture and home goods chain, has filed for bankruptcy and is pursuing a sale of the company, the retailer announced on Monday.
The development follows the company's disclosure last month that it would close more than half of its 936 stories, including all its locations in Canada.
Robert Riesbeck, Pier 1's chief executive, addressed the changes to the brand. "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," he said in the statement.
In addition to the retail locations, two distribution centers will also be closed. The company's online store as well as the over 400 brick-and-mortar locations that remain open will continue operating as normal, according to the statement.
The company, which grew out of a store in San Mateo, Calif., in 1962, was the first national chain to announce major closings this year. The brand has struggled to increase sales and visits to stores, despite a revamped marketing campaign and recent efforts to overhaul its merchandise.
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