Pier 1 files for bankruptcy protection amid online challenge
Pier 1 Imports Inc. the once-trendy supplier of home goods like papasan chairs and throw pillows filed for bankruptcy protection Monday after years of sliding sales.
The Fort Worth, Texas-based company has been struggling with increased competition from budget-friendly online retailers like Wayfair and Amazon and discount stores like Home Goods. In a 2018 presentation to investors, the company acknowledged that shoppers thought its merchandise was outdated and expensive. It was also burdened by high sourcing and supply chain costs.
Pier 1 said it will pursue a sale, with a March 23 deadline to submit bids. A hearing is scheduled for Tuesday at the U.S. Bankruptcy Court for the Eastern District of Virginia.
Another retailer bites the dust. Anything in the physical retail space is going to keep dying.
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