Pier 1 Imports Closing Stores In Moncton And Halifax
MONCTON – Pier 1 Imports, an American retailer of imported furniture and home decor items, has filed for bankruptcy protection in the U.S. and announced the closing of all of its Canadian stores.
In a press release Tuesday, the company said it has entered into a Plan Support Agreement with a majority of its term loan lenders and is seeking a sale.
As part of this, Pier 1 and its subsidiaries began voluntary Chapter 11 proceedings in the U.S. This process will also be used to complete the company’s plans to close up to 450 stores, including all of its Canadian locations. In connection, the company is also beginning proceedings in Canada.
The company has so far closed or began closing sales at more than 400 of its locations. It’s also in the process of closing two distribution centers, the press release said.
Pier 1’s locations in Moncton at 185 Trinity Drive and Dartmouth at 205 Hector Gate are still open for now. Pier 1 also has a storefront at the Halifax Shopping Centre.
Staff at the Moncton and Dartmouth stores aren’t able to speak on when their locations will close, but the press release says the company expects the deadline for interested parties to submit qualified binding bids will be on or around March 23.
Last year, Pier 1 announced an organizational redesign “to better align its operations with its long-term strategy and enable the Company to improve agility, reduce costs and reinvest in building core competencies,” according to a company press release dated March 20.
It also saw a shuffle in its leadership, including the appointment of a new CEO, an interim CFO, and a Chief Information Officer.
The company has been struggling, having reported net losses and decreases of year-on-year net sales for at least the past four consecutive quarters up to the third quarter of fiscal 2020, which was announced on Jan. 6.
Huddle reached out to Pier 1 Imports for comment, but did not hear back before publishing time.