Pier One files for Chapter 11
Say goodbye to another retailer.
Pier One announcing yesterday, it is filing for bankruptcy in the U.S. and will close all of its Canadian stores including the store at the Pen Centre in St. Catharines.
On its Canadian website the company states " Pier 1 is pursuing a sale of the Company and has commenced Chapter 11 proceedings in the U.S. to facilitate a sale process. 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."
The Fort Worth, Texas company has 1,000 stores in North America, but has found it hard to compete with online retailers Amazon and Wayfair.