Pier 1 braces for sale after filing for Chapter 11 bankruptcy - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Pier 1 braces for sale after filing for Chapter 11 bankruptcy

reported that Pier 1's social media team revealed it had deleted information about its soon-to-be-shuttered stores from its website. All Pier 1 stores in Canada will close, as well as two distribution centers.

In the statement published on Business Wire, Pier 1's CEO and CFO Robert Riesbeck said that the filing was predominantly "cost-reduction" and establishing "an appropriately sized and profitable store footprint." "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 said in the statement. "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."More than 2,200 stores are closing in 2020 as the retail apocalypse drags on.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines