Another Business Fails; Pier 1 Files For Bankruptcy
The news is official now. Pier 1 Imports has filed for Chapter 11 bankruptcy protection on Monday. Locally, Pier 1 has a store at Maple Hill Pavillion on West Main Street at Drake Road.
CNN Business reports the company says "that it reached a plan with lenders to provide it with $256 million. It will try to find a buyer for the company." The report goes on to say that quarterly sales have continued to fall, over 11% most recently, and the company lost $59 million dollars.
Stores in the home goods retail sector are struggling against online competitors like Wayfair and Amazon. The story says Target and Walmart have been able to complete against the online retailers, but many like Pier 1 and Bed, Bath and Beyond are struggling massively.
Pier 1 last year announced it was closing 450 stores, including all its stores in Canada, but it does have 500 still open in the United States.