July 12, 2024

Pier 1 to close stores

Pier 1 Imports just announced on Monday that they’ve voluntarily began the process for Chapter 11  bankruptcy protection. The retail chain is in numerous talks with potential buyers according to a press release statement.

The company, which is based in Fort Worth said that filing for bankruptcy will help “facilitate an orderly sale process.”

“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,” Pier 1 CEO Robert Riesbeck said in a statement.

“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.”

A month ago, the retailer had made an announcement that they will be closing up to 450 stores nationwide. Half make-up its brick and mortar locations. The company had already started closing down several stores.
Pier 1 said that it’s website will remain open and operating amid it’s bankruptcy proceedings.

With over 450 stores across the United States, there are four locations in San Antonio.