Texas-based furniture and home decor retail chain Pier 1 Imports announced Monday, Feb. 17 it is closing all of its Canadian locations, including two stores in Mississauga and another in Brampton.
In a release, the company said it filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia as it looks to sell-off its American operations. It has also commenced bankruptcy proceedings in Canada
“The Company also intends to use this process to complete the previously announced closure of up to 450 store locations, which includes the closure of all its stores in Canada,” read the release.
Pier 1 first announced its intentions to close 450 of 942 locations in Canada and the U.S. in January. However, the company did not provide any details at the time.
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“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,” added CEO Robert Riesback in a release.
The company currently operates 67 brick-and-mortar retail locations across Canada, including two in Mississauga at the Heartland Town Centre and 3135 Argentia Rd., and another at Trinity Common Square in Brampton.
Pier 1 didn’t provide a timeline for the closure of any of the stores or the cessation of its Canadian operations.
“Pier 1’s stores and online platform are open and operating, and the Company remains focused on providing customers with unique, on-trend merchandise and an exceptional shopping experience. The Company expects to operate its business in the normal course during this process,” added the release.
