Pier 1 Importer, specialized in furniture and home appliances, has filed for bankruptcy and is pursuing retail sales of the company. announced Monday.
The development follows the company’s disclosure last month that it would cover more than half of its 936 stories, including all of its locations in Canada.
Robert Riesbeck, chief executive of Pier 1, has applied for the brand changes. “We have worked to create footprints, functionality and assortments of the appropriate size and profitable storefronts that will enable Pier 1 to better serve our customers through store and online channels,” the statement said.
In addition to retail locations, two distribution centers will also be closed. The company’s online store, as well as more than 400 brick-and-mortar locations that remain open, will continue to operate as normal.