Pier 1 Imports Inc. has tapped debt-restructuring lawyers to navigate potential negotiations with lenders as it struggles with falling sales, sending shares of the U.S. home furnishing retail chain sharply lower, Reuters reported. 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 U.S. and Canada, has added debt-restructuring specialists at Kirkland & Ellis LLP to a roster of advisers counseling the chain as it explores strategic alternatives. Pier 1 is also taking meetings with investment bankers who have debt-restructuring expertise as it weighs options, said the sources, who spoke on condition of anonymity because the company’s deliberations are confidential. As of December, the company had about $200 million in long-term debt. Pier 1 shares plunged more than 45 percent in New York Stock Exchange trading to well below $1 after Reuters reported the company’s moves, leaving the retailer with a market capitalization of about $50 million. As of March 2018, the company employed roughly 18,500 people at its stores.
