Pier 1 Files For Bankruptcy Amid MD Store Closures

MARYLAND — Pier 1 Imports said Monday that it has filed bankruptcy and is pursuing the sale of the company. Pier 1, which last month announced plans to close 450 stores, including nine in Maryland, has confirmed those store closures. It is not clear how the potential sale will affect the retailer's 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. Some stores began closing sales last month and may have wound down operations; check before going to your nearest store.

Maryland stores the company plans to close are:

• 405 North Center St., Westminster
• 8165-A Honeygo Blvd., Nottingham
• 2320 North Salisbury Blvd., Salisbury
• 30 Grand Corner Ave., Gaithersburg
• 1809 Reisterstown Road, Baltimore
• 45098 Worth Ave., California
• 1352 Main Chapel Way, Gambrills
• 12641 Ocean Gtwy., Ocean City
• 12137 Rockville Pike, Rockville

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

Related:

• Maryland Chain Retailers That Closed Stores In 2019
• Macy's Closing More Stores, 16 MD Locations Threatened
• Gymboree Relaunches Children's Clothing Line In MD Malls
• MD Retail Apocalypse: Another Chain Closing All Stores

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.