Moody’s Predicts Trouble for Pier 1 Imports
Moody’s analysts are predicting near-term default for Pier 1 Imports. That retailer recently announced that it would close up to 450 of its stores. That is almost half of its store fleet. A bankruptcy filing, perhaps within the next twelve months, is looking increasingly likely.
Moody’s downgrades come just days after Pier 1 announced major store closure plans amid disappointing third quarter results.