2019 proved to be a difficult year for retail and it seems that there’s no end in sight as stores and restaurants are closing left, right, and centre. Another retailer that seems to be struggling is homewares store, Pier 1 Imports.
It’s been reported that the retailer is starting to shutter some of its Canadian stores Among rumours that it’s close to filing for bankruptcy.
According to the Toronto Star, as of March 2019 there are approximately 906 Pier 1 stores in the United States and 67 stores in Canada. While there’s no word yet on which stores will close, one has been confirmed by CTV News that a Winnipeg Pier 1 Imports store is among them.
Bloomberg reports that the closures will result in in the layoffs of 40% of its headquarters staff, or about 300 people.
While this is definitely sad retail news, it isn’t quite a shock. USA Today reports that Pier 1 announced back in April of last year that it was planning on closing 145 stores in the United States.
Bloomberg also reports that Pier 1 Imports has a plan for filing for Chapter 11 bankruptcy. These plans would allow the retailer to remain in operation while it sorts out a solution. This could include employing a much smaller business operation.
Filing for Chapter 11 doesn’t always mean it’s the end for retailers. It just means that the company is allowed time to create a plan for how to turn business around.
Time will only tell what will happen with Pier 1, we’re hoping it can make a comeback but if not, stay tuned for a #SaleSpy that’ll have your home looking better than ever!
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