Pier 1 Imports in Goleta to Close
(Photo: Google Maps)
By edhat staff
Pier 1 Imports has filed for Chapter 11 bankruptcy protection and is closing 450 stores, including the location in Goleta.
On Monday the home furnishing company announced it has entered into a Plan Support Agreement (“PSA”) with a majority of its term loan lenders and is pursuing a sale of the Company which includes voluntary Chapter 11 proceedings.
The Pier 1 in Goleta, located in the Camino Real Marketplace, opened in 2012. There's no official date of closure. The company also plans to complete the previously announced closure of up to 450 store locations, which includes the closure of all its stores in Canada.
“In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives. We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment that will enable Pier 1 to better serve our customers across store and online channels,” said Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer.
Pier 1 has received a commitment of approximately $256 million in debtor-in-possession financing and expects this financing, together with cash flows from operations, to provide ample liquidity to support continued operations and the sale process through the Chapter 11 process.
The open stores and online platform continue operating, and the company states it remains focused on providing customers with unique, on-trend merchandise and exceptional shopping experience.
Mr. Riesbeck added, “We will continue to serve our customers regardless of how and where they shop with the style, value and selection of merchandise they want as we move through this process, and we are committed to working seamlessly with our vendors and partners. We appreciate the ongoing dedication of our associates, whose efforts in providing our loyal customers with the experience they expect from our brand are critical to our success and the future of Pier 1.”