Pier 1 Imports files for failure protection, will tighten all Canadian stores

Home products tradesman Pier 1 Imports Inc. announced Monday it is filing for Chapter 11 failure insurance in a United States, a month after observant it would tighten all a stores in Canada.

The Fort Worth, Texas-based company, that was founded in 1962 and has 1,000 stores in North America — around 50 of them in Canada — says it is posterior sale of a U.S. sell locations while underneath failure protection, though reliable all Canadian stores will shut.

Pier 1’s Canadian website now leads business to a brief matter announcing a closures and interjection them for their loyalty.

The association is also commencing creditor insurance record in Canada. Osler, Hoskin Harcourt LLP are portion as Canadian authorised advisers.

The association has been struggling with increasing foe from online retailers such as Wayfair. Pier 1 has been perplexing to declutter a stores, urge online sales and pull in younger customers.

Pier 1 pronounced it will control a court-supervised sale of a company, with a Mar 23 deadline to contention bids.

In a meantime, Pier 1 pronounced lenders have committed approximately $256 million US in debtor-in-possession financing so it can continue a U.S. operations during a Chapter 11 proceedings.

Pier 1’s sales fell 13 per cent to $358 million US in a many new quarter, that finished Nov. 30.

It reported a net detriment of $59 million for a entertain as it struggled to pull business to a stores.

Last month, Pier 1 announced it would tighten a sum of 450 stores. The association is also shutting dual placement centres. 

In a press recover antiquated Feb.17, a association says it has sealed or instituted going-out-of-business sales during some-more than 400 locations. 

It is different accurately when a Canadian stores will tighten their doors and how many jobs will be affected.

Pier 1’s shares have depressed 45 per cent since a start of a year. They sealed during $3.58 US per share last Friday.

Article source: https://www.cbc.ca/news/canada/british-columbia/pier1-imports-closing-canada-stores-1.5466411?cmp=rss