Pier 1 Imports Will Close More Stores and Slash Debt as Part of Its Turnaround
Pier 1 Imports has posted eight consecutive quarters of declining sales as shoppers look elsewhere for home furnishings. The retailer had previously announced a plan to cull its store fleet by up to 15%. Now, Pier 1 is making a plan to close more stores in order to cut costs. It wants to restructure out of court, but a future bankruptcy is far from out of the question.
Filing for bankruptcy is an option under consideration if Pier 1 falls short of its goals, said the people, who asked not to be identified because the process isn’t public yet.