pier 1 imports canada

Pier 1 Imports officially files for bankruptcy and will close all stores in Canada

Pier 1 Imports is officially closing down all of its locations in Canada after filing for bankruptcy on Monday.

The Texas-based home furnishings company has already closed 450+ locations in Canada following a loss of $59 million during its last quarter.

The company currently has more than 500 stores open across North America. It hopes to pursue a sale of its remaining U.S. operations.

Pier 1 CEO Robert Riesbeck said that filing for bankruptcy is "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."

With major online homeware companies like Amazon capturing a greater share of the market, traditional brick-and-mortar retailers are finding it hard to keep up.

Rival home goods company Bed Bath & Beyond is also struggling, having closed 41 stores across the U.S. and Canada in January.

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