"This is not the outcome we hoped for when we began [the Chapter 11] process, and we are deeply saddened to move forward with winding down Pier 1."
The filing is "intended to provide Pier 1 with additional time and financial flexibility" as it looks for a buyer.
The struggling retailer is expecting same-store sales and gross margin to start improving in the fourth quarter.
The retailer announced a number of management changes following a stock split as it seeks to retain its listing on the NYSE.
The retailer is also closing a dozen more stores and could eventually "close up to 15% of our portfolio” of 967 stores.
Deborah Rieger-Paganis says she is "committed to instilling financial discipline across the organization as we work to drive a successful turnaround."
Eli Lilly, Mattel, Georgia Power, Pier 1 Imports, Bravo Brio Restaurant Group, Purchasing Power,, White Energy
Norfolk Southern, SpartanNash, Lucktastic, Diamond Resorts, Financial Engines, NeoPhotonics, Redwood Trust, Pier 1 Imports, Sanmina, Brown Jordan
The retailer follows Alden Global's purchase of a 9.5% stake with a plan to protect shareholders from “coercive or unfair” tactics.
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Pier 1 Imports, Peabody Energy, W.P. Carey, Mead Johnston Nutrition, Tiptree Financial, Vince Holding, Cosmopolitan of Las Vegas, Graco, Zoe's Kitchen
“It is now clear that our call that the ‘worst was over’ for Pier 1 was premature,” wrote one equity analyst.
