“In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives,” Robert Riesbeck, Pier 1’s chief executive officer and chief financial officer, said in a release. “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 added that the company is “pleased with the initial interest” of potential buyers and that the deadline for bids to purchase Pier 1 will be due on or around March 23. At the end of the third quarter, Pier 1 sales had decreased by 11.4% compared to that of the same time the previous year, executivesinvestors. They said the decline was due to fewer people coming into their brick-and-mortar stores, as well as the"merchandise mix" Pier 1 had in stores this year.
It’s a trend many retailers have seen as more shoppers shift to buying online from Amazon and other online furniture giants like Overstock and Wayfair.
TODAYshow Big Box stores can't compete with low-overhead Internet retailers. As they go under, Amazon will jack up prices knowing that there isn't as much competition. Eventually, direct-from-China online retail will push most American middlemen, including Amazon, out of the retail picture
TODAYshow Fire sale?
TODAYshow Amazon is ruining all retail.
TODAYshow Always has been overpriced crap.
TODAYshow
TODAYshow I feel the o line shopping is killing the brick and mortar stores which is sad because personally I like to see and touch the things I'm buying
TODAYshow Now: Pier 1 Exports
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »