According to report by Reuters, Fort Worth-based Pier 1 Imports Inc. is working with debt restructuring specialists Kirkland & Ellis LLP as it negotiates with lenders.
The news sent shares of the home furnishing retail chain’s stock lower on Thursday. At noon Friday, the stock was down 11 percent, to $0.69 per share.
The retailer has had a rough time of it in what is already a difficult environment, particularly for brick-and-mortar stores. A new CEO and a new plan, dubbed A New Day, did not produce the sales results expected. As a result the company replaced the CEO and, in December, said it hired Credit Suisse to advise the company on strategic alternatives.