Monday, January 13, 2020

Pier 1 downgraded by Moody's

Retail Dive
Moody's lowered its outlook for Pier 1 to negative from stable, reflecting the rating firm's expectations for near-term default, according to a Thursday release.

In additionally downgrading Pier 1's senior secured term loan, analysts pointed to "the erosion in its expected recovery, given the higher than originally expected level of EBITDA losses," which they noted reached roughly $230 million for the 12 months ending Nov. 30.. . . more