Home decor retailer Pier 1 Imports has confirmed it will close all of its 942 North American stores, 90 of which are located in Canada.
The announcement is a result of the company filing for Chapter 11 bankruptcy protection in the US, are struggling in an increasingly e-commerce driven marketplace.
However, the company says it plans to keep its Canadian stores and online platform running throughout the closure process.
Kelowna and Kamloops are both home to a Pier 1 Imports, neither store has announced whether a liquidation sale will take place.
“Pier 1 is pursuing a sale of the Company and has commenced Chapter 11 proceedings in the U.S. to facilitate a sale process,” reads a brief statement on the company’s Canadian website.
“In connection with this, the Company has made the decision to move forward in the U.S. and close all stores in Canada. We thank our customers in Canada for your continued loyalty and for shopping with us over the years.”
In a US statement, Pier 1 said lenders have committed roughly $256 million in debtor-in-possession financing so it can continue its operations during the Chapter 11 proceedings.
If you get value from KelownaNow and believe local independent media is important to our community we ask that you please consider subscribing to our daily newsletter.
If you appreciate what we do, we ask that you consider supporting our local independent news platform.
