Pier 1 files for bankruptcy protection amid online challenge
Pier 1 Imports Inc. the once-trendy supplier of home goods like papasan chairs and throw pillows filed for bankruptcy protection Monday after years of sliding sales.
The Fort Worth, Texas-based company has been struggling with increased competition from budget-friendly online retailers like Wayfair and Amazon and discount stores like Home Goods. In a 2018 presentation to investors, the company acknowledged that shoppers thought its merchandise was outdated and expensive. It was also burdened by high sourcing and supply chain costs.
Pier 1 said it will pursue a sale, with a March 23 deadline to submit bids. A hearing is scheduled for Tuesday at the U.S. Bankruptcy Court for the Eastern District of Virginia.