Friday, March 15, 2019

Reuters: Pier 1 takes further steps to manage debt

Retail Dive
Pier 1 Imports has hired Kirkland & Ellis among other attorneys and consultants to help with debt restructuring, which would entail negotiating with creditors, Reuters reported on Thursday. The home furnishings retailer is also huddling with investment bankers, according to unnamed sources in the report.

The retailer's lenders have organized in light of its concerning "credit metrics," according to a February Debtwire report emailed to Retail Dive. Late last year, Pier 1 tapped Credit Suisse, "to explore strategic alternatives," and AlixPartners, "for operational assistance," Debtwire also said. . . . more