Pier 1 Imports Voluntarily Files For Bankruptcy
It seems like Pier 1 Imports has been struggling for quite some time now. Not so long ago it was reported that Pier 1 Imports was closing their Princeton location and now it seems like they're filing for bankruptcy.
According to NJ.com, Pier 1 Imports is looking to sell the business. Not only that but the home decor store allegedly filed for Chapter 11 bankruptcy.
Around March 23rd is the date for buyers to have qualified bids in, according to NJ.com.
CEO and CFO Robert Riesbeck of Pier 1 Imports told NJ.com, "Actions are intended to provide Pier 1 with additional time and financial flexibility as we now work to unlock additional value for our stakeholders through a sale of the company.”
It's sad news for the people that work at Pier 1 Imports because some people may soon be out of a job. On the other hand, customers will hopefully be able to catch some good deals before the stores shut down.