Select Page

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,” 

South Florida Media Comments

guest
0 Comments
Inline Feedbacks
View all comments

About The Author

Santino DeBlasiis

Rome, New York born and bred. Strong Italian heritage and a whole lot of talent. Let's play some Bocce. I'll win and then write about it. Otherwise, I'll be by the water throwing in a line and having a drink.

Police Chase Van At High Speeds Through Miramar

Police Chase Van At High Speeds Through Miramar

Police Chase Ends in Dramatic Arrest After Van Crash in Miramar MIRAMAR, Fla. – A high-speed police chase culminated in a crash and the dramatic arrest of a suspect Thursday afternoon in Miramar. The incident, which began as an investigation into a stolen vehicle,...

Helicopter View Of The Israeli Hostage Rescue

Helicopter View Of The Israeli Hostage Rescue

Dramatic Rescue Israeli Forces Save Hostages from Gaza, U.S. Intelligence Key to Operation Gaza City, Gaza Strip – In a daring and high-stakes rescue operation, Israeli security forces, with crucial intelligence support from the United States, freed four hostages held...