Home decor retailer Pier 1 Imports closing all of its Canadian stores

Feb 17 2020, 11:16 am

The furniture retailer Pier 1 Imports is closing all of its Canadian stores.

The Texas-based company, which was founded in 1962, has been struggling in a market dominated by e-commerce giants Amazon and Wayfair.

The company says it plans to keep their Canadian stores and online platform running throughout the closure process.

“Pier 1 is pursuing a sale of the Company and has commenced Chapter 11 proceedings in the U.S. to facilitate a sale process,” reads a brief statement on the company’s Canadian website. “In connection with this, the Company has made the decision to move forward in the U.S. and close all stores in Canada. We thank our customers in Canada for your continued loyalty and for shopping with us over the years.”

In a US statement, Pier 1 said lenders have committed roughly $256 million in debtor-in-possession financing so it can continue its operations during the Chapter 11 proceedings.

Of Pier 1’s 450 stores, 90 of them are in Canada.