Pier 1 is cutting staff and considering bankruptcy
Pier 1 Imports Inc. is planning to dismiss about 40% of its headquarters staff and shut about 450 stores in an attempt to overhaul the troubled home furnishings business.
The company’s shares dived as much as 30% on the news and were down about 17% at $5.18 when trading was halted. Pier 1 then reported a wider quarterly loss and confirmed it would reduce staff, shut almost half its stores and close some distribution centers. The headquarters staff cuts affect about 300 employees, the people said.that there’s substantial doubt about its ability to stay solvent.
The Fort Worth company is led by Robert Riesbeck, a turnaround manager named as chief executive in November. He’s cutting expenses by about half, including canceling some existing orders to align Pier 1’s buying with plans for a smaller store base, one person said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pier 1 to close nearly half its stores as losses widen and bankruptcy rumors persistPier 1 Imports said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it reported quarterly earnings amid bankruptcy rumors. - CNBC
Read more »
Pier 1 will close up to 450 storesPier 1, which operated 942 stores in the United States and Canada at the end of its latest quarter, says it will close up to 450 stores 'in order to better align its business with the current operating environment'
Read more »
Stocks making the biggest moves after hours: American Airlines, Microchip Technology, Pier 1 & moreStocks making the biggest moves after hours: American Airlines, Microchip, Pier 1 & more
Read more »
Pier 1 to shut up to nearly half of its stores, raises going concern doubtsHome decor and furniture retailer Pier 1 Imports Inc said on Monday it plans to ...
Read more »
Pier 1 shares halted for news after tanking on report the retailer is prepping for bankruptcyPier 1 Imports shares tanked more than 25% Monday afternoon following a report from Bloomberg that said the company is preparing to file for bankruptcy and slash jobs.
Read more »