(Reuters) – Pier 1 Imports Inc has tapped debt restructuring lawyers to navigate potential negotiations with lenders as it struggles with falling sales, people familiar with the matter said on Thursday, sending shares of the U.S. home furnishing retail chain sharply lower.
FILE PHOTO: The Pier 1 Imports store is seen in Broomfield, Colorado September 17, 2014. REUTERS/Rick Wilking
Known for selling wicker chairs and scented candles, Pier 1 has suffered financial losses amid an increasingly competitive retail landscape dominated by the likes of Amazon.com Inc and Walmart Inc.
Pier 1, which has roughly 987 stores in the United States and Canada, has added debt restructuring specialists at Kirkland & Ellis LLP to a roster of advisers coun…
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