Closure News

5 Dallas-Fort Worth locations of Pier 1 Imports will close in bankruptcy

Pier 1 was the hot place for pretty pillows.

Photo by Pier 1

After many efforts to stay afloat, Fort Worth-based Pier I Imports has thrown in the embroidered towel and filed for Chapter 11 bankruptcy.

The home furnishings chain said in a release that it filed for bankruptcy in the U.S. Bankruptcy Court in Richmond, Virginia, and is officially for sale. The company is entertaining offers from multiple potential buyers who may acquire them out of bankruptcy.

Meanwhile, they'll close up to 450 stores, including all of its stores in Canada.

A company spokesperson would not confirm the closures, but USA Today magically has a list of 300 stores set to shutter, including 20 stores across Texas.

That includes 5 in the DFW area as follows:

Amarillo: 8511 West Interstate Highway 40
Arlington: 4145 South Cooper St.
Arlington: 780 Road to Six Flags St. East.
Burleson: 1107 N Burleson Blvd.
College Station: 1424 Texas Ave. South
Denton: 1800 S. Loop 288.
El Paso: 8889 Gateway Blvd. W.
Galveston: 6228 Broadway St.
Georgetown: 1019 West University Ave.
Houston: 110 Meyerland Plaza Mall.
Houston: 17725 Tomball Parkway
Houston: 2501 Rice Blvd.
Houston: 6815 Highway 6 N.
Irving: 7805 N MacArthur Blvd.
Lewisville: 500 E. Round Grove Road
Longview: 307 West Loop 281
Pasadena: 5660 Fairmont Parkway
Pearland: 3113 Silverlake Village Drive
San Antonio: 11625 Bandera Road
Wichita Falls: 4400 Kemp Blvd.

The closures will be staggered over the next few months, with some stores such as the location in Irving, closing at the end of February, and others closing later in the spring. Sales have already started at all of the stores that are closing.

According to CNBC, they're also closing two distribution centers.

The closures were initially announced in January, although the locations were not identified at that time. It represents about half of their total number of stores.

closings

Plastic Container News

Dormitory staple Container Store files for bankruptcy to stay open

Container Store

Another seemingly popular retailer has filed for bankruptcy: According to a release, the Container Store has filed for protection under Chapter 11 of the U.S. Bankruptcy Code, effective December 22.

The company is not closing down, says president and CEO Satish Malhotra in a statement.

“The Container Store is here to stay," Malhotra says. "Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities."

The Company has filed a motion with the Bankruptcy Court that will allow it to make timely payments to vendors, suppliers, and other trade creditors in full.

The stores and website will continue to operate as normal; all customer deposits and orders will be honored and delivered as normal.

At least 90 percent of the company’s loan lenders have pledged their support. A recapitalization will provide millions in new financing as well as debt service relief. This will strengthen their balance sheet and liquidity position, so they can meet commitments to partners and vendors.

Founded in 1978 and headquartered in Coppell, the Container Store offers organizing solutions and in-home services, with more than 10,000 products to complete any space, sold at more than 100 locations nationwide and a flagship online store.

When they first debuted, they were an utter revelation with all of their various plastic containers and tubs — a market that is now also filled by cheaper knockoffs sold at a much lower price at places like Target.

“We are particularly excited about the future of our custom space offerings, which continue to demonstrate strength," Malhotra says. "We intend to maintain our strong workforce and remain committed to delivering an exceptional experience for our customers while we execute this recapitalization and for many years to come.”

The Chapter 11 process does not include the Company’s Elfa business in Sweden, which continues to operate as usual.

There is starting to be a wave of bankruptcy filings of retailers that include Big Lots, which is holding going-out-of-business sales in anticipation of a company-wide closure; and Party City, which is closing its stores at the end of February.

The Container Store has created a dedicated website for stakeholders to get information about the Chapter 11 case at www.futureforcontainerstore.com.

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