Pier 1 Files For Bankruptcy, Confirms GA Store Closures

GEORGIA — Pier 1 Imports said Monday that it has filed bankruptcy and is pursuing the sale of the company. The home decor retailer, which last month announced its plans to close 450 stores, including 12 in Georgia, 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 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.

Georgia stores designated for closure are:

• 1401 Johnson Ferry Road, Suite 172, Marietta
• 1544 Piedmont Road, Atlanta
• 2620 Dawson Road, Albany
• 2850 Chapel Hill Road, Douglasville
• 1819 Norman Drive, Valdosta
• 300 Pearl Nix Pkwy., Gainesville
• 181 Golden Isles Plaza, Brunswick
• 3795 North Druid Hills Road, Decatur
• 3101 Cobb Parkway SE, Suite 100, Atlanta
• 1438 Turner McCall Blvd. SW, Rome
• 3232 Peachtree Road, Unit A1, Atlanta
• 5080 Riverside Drive, Suite 602, Macon

The list of store closings included in the bankruptcy filing backs up a report by Business Insider published Jan. 15.

Related:

• Georgia Chain Stores That Closed Their Doors In 2019
• GA Retail Apocalypse: Another Retailer Closing All Stores
• Macy's To Close 125 Locations; Georgia Stores Among Threatened
• Express To Close 31 Stores This Month, Including 2 In Atlanta
• 2 Gap Clothing Stores In Georgia Close

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

"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," Robert Riesbeck, Pier 1's CEO, said in a statement.

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 paying 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.