This week another retail chain has announced major closings. Home furnishing and interior decor chain Pier 1 Imports announced Monday it was filing for Chapter 11 bankruptcy protection in the U.S.
As part of that move, it said about half of its over 900 U.S stores would be shut and all of the more than 60 stores in Canada would close. The Texas-based company is seeking a purchaser.
The number of employees affected is not known, but the chain had some 18,000 employees listed as of this time last year, but the vast majority, 14,000, were part-time. It is not known when the Canadian stores will be shut down, nor how many employees are affected
The chain, founded in 1962, had been struggling along with others, in the face of online offerings.
Many retail closings
Last month Schuman Retail Group which owns the greeting card companies Carlton Cards and Papyrus announced that it was shutting down all 76 retail outlets in Canada, and 178 in the U.S.
- RCI: Jan 2020: This is the end: Another Canadian shopping tradition closes
- RCI:: Feb 2019: Hard times for retail: Another major chain closure in Canada
Michael LeBlanc, senior retail advisor for Retail Council of Canada said there is no need for panic in the retail business which is in “transformation”.
In the past several years several other major retail operations have closed including Sears, Home Outfitters and other big names in Canada. In many cases competition from online sales are indicated as at least one of the reasons.
- Daily Hive: T. Jadah: Feb 17/20: Home decor retailer Pier 1 Imports closing all of its Canadian stores
- Associated Press (via TorStar): Jan 7/20: Pier 1 Imports closing nearly half of all stores as sales falter
- Financial Post: Jan 23/20: J. Matroianni: More retail chains are closing in Canada, but it’s not a sign of the ‘retail apocalypse’ just yet
- CTV: J. Rodriguez: Feb 17/20: Pier 1 closing all of its stores in Canada