Pier 1 To Close Stores In Paramus, Edgewater

PARAMUS, NJ - Pier 1 Imports in Paramus is among the 13 locations slated to close after the retailer filed for bankruptcy.

On Monday, Pier 1 Imports announced it plans to shutter 450 stores altogether, including the location at 58-64 Route 4 in Paramus. Pier 1 also aims to close its store in Edgewater.

Another Pier 1, on Route 17 South in Paramus, will stay open for now.

Read more here: NJ Store Closure List Grows As Pier 1 Files For Bankruptcy

To date, Pier 1 has closed or initiated going-out-business sales at more than 400 locations.

The company 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. 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."

Read more: Major Retail Stores Closing 3 NJ Locations; Another 24 Threatened

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

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."

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