UPDATE: Pier 1 files for Chapter 11 bankruptcy, seeks buyer
Retailer Pier 1 has filed for Chapter 11 bankruptcy protection (https://www.wsj.com/articles/pier-1-imports-files-for-chapter-11-bankruptcy-11581959763?mod=mktw), reports the Wall Street Journal. The filing reportedly was made Monday, with U.S. stock markets closed for Presidents Day (http://www.marketwatch.com/story/heres-which-markets-are-open-on-presidents-day-2020-02-14), in federal bankruptcy court in Richmond, Va. The Fort Worth, Texas-based home-décor chain (PIR) had said a month ago that it was shuttering half its stores but might be unable to stave off bankruptcy (http://www.marketwatch.com/story/pier-1-plans-to-shutter-nearly-half-its-stores-but-analysts-say-bankruptcy-is-likely-2020-01-07). The company said in a news release (http://www.marketwatch.com/press-release/pier-1-enters-plan-support-agreement-with-certain-lenders-and-announces-sale-process-2020-02-17) that it would seek a buyer. Shares of Pier 1 are down more than 80% over the past year, and 44% since the start of 2020 alone, as compared with gains of 22% an 4.6% by the benchmark S&P 500 over those spans.
-Tim Rostan; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 17, 2020 12:58 ET (17:58 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.