Pier 1 to close stores and cut jobs, raises going concern doubts
The retailer’s shares, which were trading around $500 in 2013, plunged to about $5 late last year. They were down nearly 5% in extended trading.
The company also held discussions with lenders about potentially providing financing that would help the retailer continue operating while under bankruptcy protection, the person said. The retailer was not immediately available for a comment. To arrest mounting losses, Pier 1 now plans to close up to 450 stores, shut some distribution centers and reduce headcount. The company did not specify how many jobs would be cut.
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