It seems like surviving in the world of retail is practically impossible these days because another company has announced that they will be calling it quits.

The next to go is Pier 1 Imports who just announced that they have filed for Chapter 11 bankruptcy.

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They are also putting themselves up for sale and will move forward with their original plan to close 450 of their stores which they originally announced this past January.

FYI: The Cape May Court House location is one of the stores being affected. :(

“Today’s actions are intended to provide Pier 1 with additional time and financial flexibility as we now work to unlock additional value for our stakeholders through a sale of the company,” CEO and CFO Robert Riesbeck said in the statement. "We are moving ahead in this process with the support of our lenders and are pleased with the initial interest as we engage in discussions with potential buyers.”

 

All bids to purchase Pier 1 Imports must be submitted by March 23rd....you know...if you are in the business to buy an entire company.

For more information on the ill fate of Pier 1 Imports, head to NJ.com for more information.

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