Pier 1 Files For Bankruptcy Amid Colorado Store Closures

Pier 1 Imports announced Monday that it has filed for Chapter 11 bankruptcy and is pursuing the sale of the company. Pier 1, which announced last month its plans to close 450 stores, including five in Colorado, is moving forward with those store closures. It is not clear how the potential sale will impact the remaining stores.

To date, the company has closed or initiated going-out-business sales at more than 400 locations.

Pier 1 said it will use a third-party liquidator to help with the closings, noting that its lenders signed off on its plan to reduce its brick-and-mortar footprint.

Here are the Pier 1 stores that are slated to close in Colorado, according to a report by USA Today:

• Littleton - 7301 S Santa Fe Drive
• Boulder - 2530 Arapahoe
• Avon - 220 Beaver Creek Place
• Colorado Springs - two locations: 1685 Briargate Parkway and 3030 New Center Point.

In connection with the bankruptcy filing, Pier 1 is also closing two distribution centers.

"In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives," Robert Riesbeck, Pier 1's CEO, said in a statement. "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."

In the statement, Riesbeck said the company is "pleased with the initial interest as we engage in discussions with potential buyers."

The remaining Pier 1 stores and website are open and operating, and the company said it "expects to operate its business in the normal course during this process."

The company said it expects to "smoothly transition" its business into Chapter 11, including continuing to pay wages and benefits, as well as pay vendors and suppliers.

Pier 1 intends to conduct a court-supervised sale process and complete the sale through a Chapter 11 plan. The expected deadline to submit a qualified bid will be on or around March 23, the company estimated.

Patch editor Kara Seymour contributed to this report.

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