Pier 1 Imports files for bankruptcy, looking for buyer

Pier 1 to close up to 45 stores
Pier 1 Facebook Page

FORT WORTH, Texas (WKBT)- Pier 1 Imports, Inc. today announced it has filed for bankruptcy and is talking with potential buyers.

The Company is closing all of its locations in Canada. To date, it has closed or began going-out-of-business sales at over 400 locations. The Company is also in the process of closing two distribution centers, according to a statement on their website.

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 their online platform are open and will continue to operate in the normal course during this process.

Mr. Riesbeck added, “We will continue to serve our customers regardless of how and where they shop with the style, value and selection of merchandise they want as we move through this process, and we are committed to working seamlessly with our vendors and partners. We appreciate the ongoing dedication of our associates, whose efforts in providing our loyal customers with the experience they expect from our brand are critical to our success and the future of Pier 1.”