Pier 1 Imports files for bankruptcy, plans to sell company - TODAYshow
“In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives,” Robert Riesbeck, Pier 1’s chief executive officer and chief financial officer, said in a release. “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.
Riesbeck added that the company is “pleased with the initial interest” of potential buyers and that the deadline for bids to purchase Pier 1 will be due on or around March 23. At the end of the third quarter, Pier 1 sales had decreased by 11.4% compared to that of the same time the previous year, executivesinvestors. They said the decline was due to fewer people coming into their brick-and-mortar stores, as well as the"merchandise mix" Pier 1 had in stores this year.
It’s a trend many retailers have seen as more shoppers shift to buying online from Amazon and other online furniture giants like Overstock and Wayfair.
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