Pier 1 Imports Declares Bankruptcy

Pier 1 Imports declared bankruptcy on Monday.

The company says it’s in talks with several potential buyers.

About a month ago, Pier 1 said it planned to cut about 40% of headquarters staff and close as many as 450 stores.

That’s about half of the chain’s locations.

Northern Michigan has locations in Midland, Petoskey and Traverse City.

In its heyday in the 90s, Pier 1’s stock price topped $400.

The price plummeted more than 80% in the years after to $3.50 over the last year.