viewPier 1 Imports Inc

Pier 1 hires debt restructuring lawyers, says Reuters; shares plummet

The home-furnishings retailer has $200 million of debt coming due in 2021

Pier 1 storefront
The company's lenders have also hired lawyers

Pier 1 Imports (NYSE:PIR) has hired debt restructuring lawyers as the company gears up for negotiations with lenders, Reuters reported Thursday. The home-furnishings retail chain had about $200 million in long-term debt as of December, which will begin to come due in 2021.

The company tapped Kirkland & Ellis LLP and continues to meet with investment bankers as it pursues strategic alternatives.

The share price was under water Thursday afternoon, falling more than 30% to $0.77.

The Fort Worth-based company’s $200 million loan is trading at $0.50 on the dollar, according to data from Refinitiv.

Pier 1’s lenders have taken note and lawyered up themselves, signaling coming negotiations between the two parties.

Despite this, filing for bankruptcy seems unlikely, given the company had $71 million in cash as of December as well as $400 million from a revolving credit line, according to a Reuters' source cited in its story.

The retailer has roughly 987 stores in the US and Canada and employed roughly 18,500 people as of March of last year.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Pier 1 Imports Inc

Price: - -

Market: NYSE
Market Cap: -

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: Empower Clinics looking to attack opioid crisis with...

Empower Clinics (CSE:CBDT-OTC: EPWCF) Chairman and CEO Steven McAuley joined Steve Darling from Proactive in Toronto to discuss the company creating a division focussing on psilocybin and psychedelics aka magic mushrooms. McAuley telling Proactive how key this may become considering the...

56 minutes ago

2 min read