THUNDER BAY – Home décor and furniture retailer Pier 1 has announced it is closing all of its Canadian stores, as it files for bankruptcy and pursues a sale of the business.
The move will see the chain shutter its local Thunder Centre location, across from the Intercity Shopping Centre. The location was busy on Tuesday following the announcement, with many products heavily discounted. The Thunder Bay location is expected to close by March 29 – sooner, if inventory sells out before then.
The Texas-based company announced plans in January to close up to 450 outlets - nearly half of its North American operations – as well as some of its distribution centres.
Leadership at Pier 1 say the store has received commitments of around $250 million USD in financing from lenders to support continued operations. They say the remaining stores and online sales will stay open through the bankruptcy proceedings.
