on Monday that it had filed for bankruptcy and plans to sell the company, just over a month after announcing hundreds of store closures and warning about its ability to stay in business amid increased competition from giants like Amazon and Walmart.that it was starting voluntary Chapter 11 bankruptcy proceedings to “facilitate an orderly sale process” as it continues discussions with multiple potential buyers.
The Fort Worth, Texas-based company said it had received around $256 million of debtor-in-possession financing from Bank of America, Wells Fargo and Pathlight Capital. Pier 1 also plans to use the sale process to complete the closure of half its stores—up to 450 locations, which it hadThe bankruptcy filing comes after Pier 1 last month warned of its ability to stay in business throughout the year, as it is the
to become crushed under too much debt and struggle in a market dominated by online rivals like giants Amazon and Walmart.declining comparable store sales for the last nine quarters, including an 11.4% drop this past quarter as well as losses exceeding those of a year ago.that it would close all of its stores in Canada and start bankruptcy proceedings in that country as well.
skleb1234 Lemme know when everything in that bih 50% off
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