After months of speculation about its ability to continue operating, Pier 1 Imports has filed for Chapter 11 bankruptcy protection as it pursues a sale of the business. The company also said it would complete the previously announced closure of up to 450 store locations in the process, which includes the closure of all its stores in Canada.
pier 1 imports
Pier 1 Imports has appointed Douglas Diemoz to the newly created role of president and Robert Riesbeck as evp/chief financial officer, both effective July 22, 2019.
Following media reports regarding Pier 1 Imports’ financial health and speculation that it may be heading toward bankruptcy— including an S&P Global ratings report that downgraded the company’s credit rating— the retailer released a statement, asserting that it is confident that its turnaround plans will take hold.
Pier 1 Imports is undertaking what the company described as an “organizational redesign” of its corporate workforce to better align its operations with its long-term strategy and enable the company to improve agility, reduce costs and reinvest in building core competencies.
Pier 1 Imports has appointed Lance Wills as evp/chief information officer, effective immediately.
Pier 1 Imports received notification from the New York Stock Exchange (NYSE) on January 11 that the company is no longer in compliance with NYSE continued listing criteria that require listed companies to maintain an average closing share price of at least $1 over a consecutive 30 trading-day period.
A relaunch effort has not started the way the company hoped, Pier 1 Imports stated in preliminary financial results for a second quarter that included a comparable sales decrease of 11.4% in the period year over year.
Pier 1 Imports has appointed Nancy Walsh as evp/chief financial officer, effective January 25.