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.
With Pier 1 closing brick and mortar stores across Canada and filing bankruptcy in the US, are we sure it's just Amazon they can't compete with, or the fact that Millennials and younger have been priced out of the market and can only afford hand-me-downs to furnish their rentals?— Abby (@abbythetweet) February 17, 2020
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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