The corporate, based mostly in Fort Price, Texas, launched a press release saying that it reached a plan with lenders to offer it with $256 million. It would attempt to discover a purchaser for the corporate.
The corporate at present has greater than 500 shops open.
“As we speak’s actions are meant to offer Pier 1 with further time and monetary flexibility as we now work to unlock further worth for our stakeholders by means of a sale,” Pier 1’s CEO Robert Riesbeck mentioned. He assumed that publish in November and can be the corporate’s chief monetary officer.
Throughout Pier 1’s newest quarter, gross sales at shops open for at the very least one 12 months decreased 11.4% in comparison with the identical interval final 12 months. The corporate misplaced $59 million.
Pier 1 is way from the one casualty of retail competitors and shifting shopper habits.
Correction: Monday’s assertion is attributed to the corporate relatively than the CEO.