This month, Pier 1 Imports declared bankruptcy. The store that has been around since the 1960’s and has sold the nation a huge variety of imported furniture and decorations of the sort. However, due to the plummet in recent business more than half of the stores nationwide are going to be closing. They are hoping to eventually sell out the company to make some type of profit. Instead of, taking a huge loss. Hundreds of employees are going to be laid off due to the competition that Pier 1 Imports has with other cheaper import stores.
End of an Era
Pier 1 Imports opened in San Mateo, California in 1962. Since then they slowly populated the United States and Canada. Eventually opening their corporate headquarters in Fort Worth, Texas. They became a huge brand for people to get decently priced items that couldn’t really be found at any other store. Exotic furniture, antique accessories and cool imports from around the world. However, with the ecommerce world now in the mix, stores such as Pier 1 Imports have become almost obsolete. Amazon has taken over the world of imported items. Walmart has also put them between a rock and a hard place. Currently, CEO Robert Riesbeck is attempting to find a buyer for the brand. Eventually, a sell out would be necessary for them to save any money still available to them.
Goodbye from the CEO
As the bankruptcy process goes deeper, the business will continue to lose money and be forced to close down more stores. Their only hope would to save the stakeholders money by selling to an outside buyer. CEO Robert Riesbeck said in a statement:
“Today’s actions are intended to provide Pier 1 with additional time and financial flexibility as we now work to unlock additional value for our stakeholders through a sale,” “We are moving ahead in this process with the support of our lenders and are pleased with the initial interest as we engage in discussions with potential buyers,”
