Pier 1 braces for sale after filing for Chapter 11 bankruptcy
reported that Pier 1's social media team revealed it had deleted information about its soon-to-be-shuttered stores from its website. All Pier 1 stores in Canada will close, as well as two distribution centers.
In the statement published on Business Wire, Pier 1's CEO and CFO Robert Riesbeck said that the filing was predominantly "cost-reduction" and establishing "an appropriately sized and profitable store footprint." "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 said in the statement. "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."More than 2,200 stores are closing in 2020 as the retail apocalypse drags on.
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