Pier 1 Imports could be headed toward bankruptcy, S&P warns

[Yo_Mama_Been_Loggin]

Home goods retailer Pier 1 Imports is careering toward a potential bankruptcy restructuring, according to a major credit rating agency.

S&P Global Ratings warned Wednesday that the "potential for a bankruptcy filing or debt restructuring is continuing to increase" for Pier 1 as its retail performance continues "to deteriorate significantly."

The warning comes after Pier 1 announced last week that it could close as many as 145 of its 973 stores.

S&P downgraded Pier 1's credit rating from CCC+ to CCC-, reflecting concerns about the company's ability to pay back its debts.

https://www.msn.com/en-us/money/companies/pier-1-imports-could-be-headed-toward-bankruptcy-sandp-warns/ar-BBWhIDf?li=BBnbfcN

[htuttle]

1. Frankly, I'm astonished that they outlasted Sears

[sdfernando]

2. Lots of overpriced junk...not well made either /nt

[htuttle]

3. Might have lasted longer due to better 'browseability'

I have a theory that a lot of people liked to go shopping at malls for the experience of going shopping. Not because they necessarily needed to get something at the mall.

Places like Pier 1 and Spencer Gifts were fun to walk through and look around. Impulse buy opportunities leapt off every shelf.

Everything you could get at Sears, while usually fairly high quality/good value deals, was just as easy to get online. Maybe easier.

[sdfernando]

4. I'll agree with your theory

I remember when I was a child my mother liked to go shopping and would usually take me along. I found it frustrating because we would spend hours walking around the stores, usually just 1 or 2 shops (no big mega-malls back then), and come home with nothing! Of course part of my frustration was the amount of time spend browsing the women's clothing sections rather then the toy aisles!

[Doremus]

5. They lasted longer because a corporate raider hedge fund manager didn't take over and dismantle it.

[htuttle]

7. There is that

[llmart]

9. That's how I feel about them.

Way overpriced.

[Sherman A1]

6. Sorry to see this

as jobs will be lost. Pier 1 recently closed the store nearest me as a rash of stores closed. We lost K-Mart, Lowes, O'Charleys and Shop n Save all within a couple of months.

[TexasBushwhacker]

8. If you want cheap imports, go to Walmart

Selling imports lost its cache decades ago. I'm surprised they lasted this long. They have a lot of competition with places like Home Goods/TJ Maxx too.