On February 17, Pier 1 Imports, an American home furnishing and furniture import retailer, declared the company bankrupt and closed all its stores in Canada. The company is in talks with potential acquirers with a view to completing the sale by March 23. As early as January of this year, Pier 1 Imports had announced the closure of 450 stores in order to achieve transformation and reduce company costs.

Over the years, Pier 1 Imports has been hit by online competitors such as Amazon, Wayfair (the largest furniture e-commerce platform in the United States), and it is difficult to match the discount of products. It is understood that since the beginning of this year, the share price of Pier 1 Imports on the New York Stock Exchange has fallen by 45%. As fewer and fewer consumers shop in stores, in the third quarter of 2019, the company's sales fell 13%, with a net loss of $ 59 million. Facing the crisis, the company has also taken many rescue measures, such as: guiding customers to purchase on the official website, and attracting young customer groups.

"The imperative is to find acquirers, and strive for more time and greater financial flexibility to unlock shareholder value," said Robert Riesbeck, CEO and CFO of Pier 1 Imports. At the same time, the company received a US $ 256 million loan from Bank of America, Wells Fargo National Association and Pathlight Capital LP to support the company's continued operations before the sale.

 
About Pier 1 Imports

In 1962, Pier 1 Imports Inc. opened its first store in San Mateo, California, called Cost Plus Imports. By 1966, it had grown to 16 stores. The company changed its name to Pier 1 Imports and established its corporate headquarters in Fort Worth, Texas. It is an omnichannel retailer specializing in imported home furnishings, especially furniture, tableware, decorative accessories and seasonal decorations.

In 1970, Pier 1 Imports was officially listed on the American Stock Exchange and joined the New York Stock Exchange in 1972. At this time, the number of Pier 1 Imports stores has grown to 123 and has achieved 100% sales growth for four consecutive years. In the following years, the company expanded rapidly, and by 1985 it had 265 stores.

In April 2008, Chesapeake Energy acquired Pier 1's headquarters for $ 104 million.