Pier 1 Declares Bankruptcy – Thunder Bay Store to Close

Business Splash
Image: depositphotos.com

THUNDER BAY – Pier 1 is the latest company to announce the closures of its stores in Canada. It is a certain mark of the evolution in shopping happening not only in Canada but globally as online shopping continues to gain popularity.

Pier 1 is based out of Fort Worth in Texas. For some time now the company has been trying to trim assets and reduce staff in an effort to stave off bankruptcy.

Earlier today Pier 1 filed Chapter 11 bankruptcy in the United States.

The company, like many other retailers, has struggled to compete against Amazon with price and free shipping being major factors.

In January, Pier 1 warned investors that the company’s ability to continue as a going concern was going to be very difficult. Pier 1 also announced plans to slash a number of jobs as well as shut as many as 450 stores.

Those efforts didn’t help. Pier 1 says that the company had already closed or initiated going-out-of-business sales at more than 400 locations, and it is in the process of shutting two of Pier 1’s distribution centers.