Pier 1 Imports files for Chapter 11 bankruptcy

Pier 1 Imports

The home goods retailer filed for Chapter 11 bankruptcy protection on Monday, just weeks after it announced the closure of almost half of its 942 stores.

The Texas-based company has been struggling with increased competition from budget-friendly online retailers such as Wayfair.

Prior to filing Chapter 11, Pier 1 said it entered into an agreement with the majority of its term loan lenders and secured commitments of approximately $256 million in debtor-in-possession financing from Bank of America, Wells Fargo, and Pathlight Capital.

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.

To date, the Company has closed or initiated going-out-business sales at over 400 locations and is in the process of closing two distribution centers. "We thank our customers in Canada for your continued loyalty and for shopping with us over the years", the statement reads.

The company is also commencing creditor protection proceedings in Canada.

Wendy's Fires Employees Over a Viral Video of Someone Bathing in Sink
The video which caught many by surprise and disgust, soon went viral prompting the restaurant to take action and fire the employee.

Pier 1 Imports is cleaning house.

Staff there wouldn't comment, but the store is still open as of today. Riesbeck, an executive with previous corporate turnarounds, joined Pier 1 last summer.

Comparable-store sales fell 11.4 percent from the previous year for the quarter ended November 30, according to the Journal. It reported a net loss of $59 million for the quarter as it struggled to draw customers to its stores.

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

A hearing is scheduled for Tuesday at the U.S. Bankruptcy Court for the Eastern District of Virginia.

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