PIR - Pier 1 Imports: Bankruptcy Increasingly Looks Like An Option
Mr. Market has largely lost faith in ailing home decoration retailer Pier 1 Imports (PIR) after a series of disappointing quarterly results and a recently abandoned turnaround plan.
New senior management has been appointed on an interim basis, partly hired from costly outside consultants like Alix Partners while Credit Suisse (CS) was retained for evaluating strategic alternatives already six months ago with the review still ongoing as of today.
Source: Bizjournals.com
Weak store traffic and repeated assortment missteps have caused same store sales to decline by double digits for several