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Feb. 17, 2020, 12:57 p.m. EST

Pier 1 files for Chapter 11 bankruptcy, seeks buyer

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By Tim Rostan

Retailer Pier 1 has filed for Chapter 11 bankruptcy protection , reports the Wall Street Journal. The filing reportedly was made Monday, with U.S. stock markets closed for Presidents Day, in federal bankruptcy court in Richmond, Va. The Fort Worth, Texas-based home-décor chain had said a month ago that it was shuttering half its stores but might be unable to stave off bankruptcy. The company said in a news release that it would seek a buyer. Shares of Pier 1 are down more than 80% over the past year, and 44% since the start of 2020 alone, as compared with gains of 22% an 4.6% by the benchmark S&P 500 /zigman2/quotes/210599714/realtime SPX +0.36% over those spans.

+11.90 +0.36%
Volume: 2.40B
Aug. 4, 2020 5:20p

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