Pier 1 Imports declared bankruptcy on Monday in a move aimed at facilitating a sale of the struggling home furnishings company.
The publicly listed retailer is in talks with multiple potential buyers, the company said in a statement that did not disclose possible buyers. It also reiterated a previously announced plan to close as many as 450 stores across the country.
“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,” CEO Robert Riesbeck said in a statement. The company will continue operating during the bankruptcy process.
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The company’s stock price once topped $400 during its heyday in the late 1990s. But the shares have tumbled since then, sinking more than 80%, to $3.56, over the last 12 months. Stock markets were closed Monday for the Presidents Day holiday.
Pier 1’s sales and profits also have slumped in recent years. Its revenue fell from nearly $1.9 billion in 2016 to $1.4 billion last year, with the company losing $310 million in 2019.
This is a developing story.
