Pier 1 closes all stores in Canada and files for bankruptcy protection

Marco Green
February 17, 2020

Home goods retailer Pier 1 Imports Inc. said Monday that it has filed for bankruptcy protection. "We are moving ahead in this process with the support of our lenders and are pleased with the initial interest as we engage in discussions with potential buyers".

While Pier 1 hasn't released its latest list of the 450 stores slated to close this year, neither the Fresno or Clovis stores are on a list published by businessinsider.com of stores erased from the Pier 1 website.

Bed Bath & Beyond, a rival home decor retailer, has also struggled in recent years from numerous same forces pressuring Pier 1.

Following court approval, the company expects that funding, combined with its own cash, to provide enough liquidity to support reduced operations and its sale process. "We thank our customers in Canada for your continued loyalty and for shopping with us over the years", the statement reads. Pier 1 said it will pursue a sale, with a March 23 deadline to submit bids.

In 2019, United States retailers announced 9,302 store closings, a 59% jump from 2018 and the highest number since Coresight Research began tracking the data in 2012. In 2019, 9,302 stores were reported to have been shut down or were going to be shut down, which is a 59 percent increase over 2018.

The company now has more than 500 stores open. Dollar General opened up almost 1,000, Dollar Tree opened 348, Family Dollar opened 202, Aldi opened 159, and a number of other aforementioned brands that shuttered stores also opened new locations, according to the report.

Other reports by Click Lancashire

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