NOTTINGHAM, MD—Pier 1 Imports announced on Monday that it had begun filing for bankruptcy and was seeking to sell the company.
The home furnishings chain plans to close 450 stores across the U.S., including nine in Maryland.
To date, the company has closed or initiated going-out-business sales at over 400 locations. The company is also in the process of closing two distribution centers to reflect its revised store footprint.
“In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives,” said Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer. “We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment that will enable Pier 1 to better serve our customers across store and online channels. 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. 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.”
Pier 1 intends to conduct a court-supervised sale process and complete the sale through a Chapter 11 plan. Pier 1 expects that the deadline to submit qualified binding bids will be on or around March 23, 2020, subject to procedures to be approved by the court.
The store located on The Avenue at White Marsh will be one of the locations that will close in the coming weeks.