FORT WORTH – (Realty News Report) – Pier 1 Imports Inc., a Texas-based home furnishings retailer, has filed for Chapter 11 bankruptcy and is pursuing a sale of the company.
The company is closing 450 of its stores, including all of its Canadian stores and dozens in Texas.
The Fort Worth firm has received $256 million in debtor in possession financing from Bank of America. The firm is attempting to find a buyer for the company by March 23.
The Texas store closures include:
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Amarillo: 8511 West Interstate Highway 40
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Arlington: 4145 South Cooper St
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Arlington: 780 Road to Six Flags St. East
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Burleson: 1107 N Burleson Blvd.
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College Station: 1424 Texas Ave. South
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Denton: 1800 S. Loop 288
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El Paso: 8889 Gateway Blvd. W
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Galveston: 6228 Broadway St.
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Georgetown: 1019 West University Ave.
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Houston: 110 Meyerland Plaza Mall
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Houston: 17725 Tomball Parkway
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Houston: 2501 Rice Blvd.
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Houston: 6815 Highway 6 N
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Irving: 7805 N MacArthur Blvd.
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Lewisville: 500 E. Round Grove Road
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Longview: 307 West Loop 281
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Pasadena: 5660 Fairmont Parkway
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Pearland: 3113 Silverlake Village Drive
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San Antonio: 11625 Bandera Road
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Wichita Falls: 4400 Kemp Blvd
Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer, said Tuesday, “In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives. We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment that will enable Pier 1 to better serve our customers across store and online channels. 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 of the Company. 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.”
Feb. 18, 2020 Realty News Report Copyright 2020
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