Pier 1 to Close All Stores, JCPenney to Close Some!
Pier 1 to Close All Stores, JCPenney and Others File for Bankruptcy!
Four stores have filed for bankruptcy – Pier One, JCPenney, JCrew and Neiman-Marcus. Other big store chains may follow soon according to reports. These companies have just filed so more information should unfold in the coming weeks.
Many business when filing for bankruptcy (whether they close or not) will have liquidation sale – hopefully we’ll see some!
Pier 1 – the company has asked the bankruptcy court to allow them to close all their stores as soon as possible. The 58-year-old company said it analyzed alternative ways to remain in business, but liquidation was the best option. They plan to sell it’s remaining in-store and online inventory. All online orders placed will continue to be fulfilled. We have no word whether they will sell off in-store inventory with clearance sales or sell in bulk to other companies – we’ll keep you posted. Click here to read more.
JCPenney – the company filed for bankruptcy on Friday and plans to close some of it’s stores. They’ll disclose details and timing in coming weeks. Click here to read more.
Neiman-Marcus – the company filed bankruptcy on Thursday but didn’t announce any store closings. Neiman-Marcus entered into a restructuring plan to “substantially reduce debt and position the company for long-term growth.” Click here to read more.
JCrew– the company has filed bankruptcy but plans to stay in business. Click here to read more.