Pier 1 Faces Mass Closures While Lenders Weigh Rescue Bid
- Retailer received little interest in bankruptcy auction
- Lenders could opt to take control of the home goods business
A Pier 1 Imports retail store stands in Louisville, Kentucky.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Pier 1 Imports Inc. may have one more chance to avoid shuttering the majority of its approximately 900 stores after efforts to sell the business in bankruptcy drew little interest, according to people with knowledge of the process.
Lenders to the home goods company are in talks about taking over the business through a so-called credit bid, said the people, who asked not to be named discussing private negotiations. The only external bid made by a March 23 deadline was for just 50 of the chain’s stores.