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Report: Pier 1 lenders have retained legal counsel

March 7, 2019 Anne Stych

This story was published in the Dallas Business Journal.

Several Pier 1 lenders have retained legal counsel in anticipation of a coming overhaul as the home furnishings retailer’s earnings continue to plummet, Retail Dive reported, citing a report from Debtwire. 

Fort Worth-based Pier 1 Imports Inc. (NYSE: PIR) has experienced five consecutive quarters of negative comparable sales and has excess inventory and debt. The lenders have hired legal firm Brown Rudnick to help navigate the next steps in the recovery process, Retail Dive wrote, citing Debtwire’s sources.

Board member Cheryl Bachelder took the helm as interim CEO of the company in December when Alasdair James resigned and has pegged Donna Colaco, who joined Pier 1 as chief customer officer earlier this month from White House Black Market, to lead the recovery effort.  

Pier 1’s net sales in the quarter ended Dec. 1 were down 11.9 percent year-over-year, while comps declined 10.5 percent, per Retail Dive. 

Bachelder acknowledged in an investor call last week that the company has “basically been trying to do too much at once” and needs a more-focused turnaround strategy. 

Pier 1 received a notification on Jan. 11 from the New York Stock Exchange that it was no longer in compliance with continued listing criteria, including that companies on the exchange maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.

Pier 1 said in a news release at the time it has a six-month period to regain compliance with the minimum share price requirement. There is also the possibility of an extension for Pier 1 at the discretion of the NYSE.

During the six-month period, Pier 1’s common stock will continue to be listed and trade on the NYSE, subject to the retailer’s compliance with other rules.

Experts said the company’s ongoing need to cut costs could include the company closing a “significant number” of stores, according to Retail Dive. Pier 1 has shuttered 24 locations in the past year.

Read more business news at the Dallas Business Journal.

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