Pier 1 Closing More Ohio Stores In 2020: Reports

STRONGSVILLE, OH — Pier 1 will close 10 stores in Ohio in 2020. The company filed for bankruptcy on Monday.

Pier 1 initially announced plans to shutter eight stores in the Buckeye State, but will now close two additional stores in Cuyahoga Falls and Fairborn, according to USA Today. Company officials are trying to sell the business, but it's unclear how a potential sale could impact pending closures.

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.

The Ohio stores set to close are:

• Pier 1 in Cincinnati, at 2689 Edmondson Road
• Pier 1 in Columbus, at 3970 Morse Crossing
• Pier 1 in Columbus, at 6672 Sawmill Road
• Pier 1 in Cuyahoga Falls, at 392 Howe Avenue
• Pier 1 in Fairborn, at 2781 A-Center Town Drive
• Pier 1 at Legacy Village, at 24703 Cedar Road
• Pier 1 in North Olmsted, at 25953 Great Northern Shop Center
• Pier 1 in Saint Clairsville, at 50850 Valley Centre Boulevard
• Pier 1 in Strongsville, at 18094 Royalton Road
• Pier 1 in Toledo, at 5203 Monroe Street

"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.