A range of retailers across channels are responding to the coronavirus outbreak with moves to temporarily close their stores, reduce store hours and other consumer and employee oriented initiatives.
Pier 1 entered into Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia on February 17 to facilitate a Plan Support Agreement with a majority of its term loan lenders, listing its major unsecured creditors as it did so.
As it reported tumbling financial results for the third quarter ended November 30, 2019, Pier 1 also informed investors that it could close as many as 450 of its total 942 stores.
At Pier 1 Imports’ 2019 annual meeting of shareholders held on June 19, shareholders authorized a reverse stock split at a ratio of 1-for-5, 1-for-10 or 1-for-20, and a reduction in the number of authorized shares of common stock by a corresponding ratio.
Pier 1 Imports has appointed Robert Bostrom evp/chief legal and compliance officer, and corporate secretary.
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.