Dover Pier 1 Imports to close; company enters bankruptcy
Dover will lose its Pier 1, one of four in the state.
About a month after it announced plans to close up to 450 of nearly 1,000 stores, Pier 1 filed for Chapter 11 bankruptcy Monday in hopes of finding a new owner.
USA TODAY reported a list of more than 300 U.S. store closings, which includes the company’s location on U.S. 13 in Dover.
Representatives from Pier 1 did not immediately respond when asked when the Dover location will close.
“We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment,” Pier 1 CEO Robert Riesbeck said in a statement Monday. “Today’s actions are intended to provide Pier 1 with additional time and financial flexibility as we now work to unlock additional value for our stakeholders through a sale of the company.”
Stores on Del. 1 in Rehoboth Beach, Centre Boulevard near the Christiana Mall and Concord Pike in Talleyville are expected to remain open.
Shuttering Dover was largely expected. It was one of more than 260 stores erased from the company website in January, according to Business Insider.
In April 2019, after Pier 1 announced it could close as many as 145 stores, S&P Global Ratings warned that the “potential for a bankruptcy filing or debt restructuring is continuing to increase” as its retail performance continued “to deteriorate significantly.”
USA TODAY contributed to this report.
Contact Brandon Holveck at email@example.com or at (302) 324-2267. Follow on Twitter @holveck_brandon.