The home furnishings retailer is looking for a buyer. It has closed hundreds of stores in recent years in the face of online competition.
The company, based in Fort Worth, Texas, released a statement saying that it reached a plan with lenders to provide it with $256 million. It will try to find a buyer for the company.Pier 1 previously announced it will close up to 450 stores, including all its locations in Canada. Around 400 stores have already closed or started going-out-of-business sales, according to the statement.The company currently has more than 500 stores open.
The company lost $59 million.Pier 1 is far from the only casualty of retail competition and shifting consumer habits. In 2019, US retailers announced 9,302 store closings, a 59% jump from 2018 and the highest number since Coresight Research began tracking the data in 2012. So far this year, Macy's , Papyrus and others have announced store closings.The home goods sector has been hit particularly hard by the rise of Amazon , Wayfair and other online competition.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Pier 1 files for Ch. 11 bankruptcy as talks with potential buyers continuePier 1 announced Monday that it began Chapter 11 bankruptcy proceedings in Virginia and that it is pursuing a sale of the company.
Les mer »
Pier 1 Imports Files for Chapter 11 BankruptcyThe home furnishings chain has filed for bankruptcy with plans to sell the company, less than two months after the troubled home-decor retailer said it planned to close up to 450 stores and cut costs to slow down its cash burn.
Les mer »
Pier 1 braces for sale after filing for Chapter 11 bankruptcy - Business InsiderPier 1 filed for Chapter 11 bankruptcy in order to facilitate an 'orderly sale process,' according to a press release from Business Wire.
Les mer »
Daytona 500 postponed until Monday at 4 p.m. due to rainDAYTONA BEACH, Fla. — The Daytona 500 has been postponed by rain for the first time since 2012, dampening NASCAR&39;s season opener that started with a ballyhooed visit from President Donald Trump. The first delay of the day came moments after the presidential motorcade completed a ceremonial parade
Les mer »
Daytona 500 postponed until Monday because of bad weatherThe Daytona 500 NASCAR race has been postponed until Monday at 4 p.m. ET because of rainy weather
Les mer »