Home furnishing and accessories retailer Pier 1 Imports may be closing more than 450 stores, with a potential bidder in bankruptcy court proposing a plan that would shutter 90% of the firm's 1,000 store locations, Bloomberg News reports.
Fort Worth-based Pier 1 announced earlier this year it had filed for Chapter 11 bankruptcy reorganization and planned to shutter certain distribution centers and 450 stores, while cutting its workforce.
During the bankruptcy court process, a potential buyer, CSC Generation, surfaced, according to Bloomberg. If the firm were to acquire the assets of Pier 1, it would reportedly shutter roughly 900 of the retailer's 1,000 stores.
CSC Generation is known for acquiring assets tied to other troubled retailers such as Bon Ton and Z Galleria, Trepp Analytics reported in a research update.
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