Pier 1 Hires AlixPartners, Kirkland for Turnaround Bid
- Retailer wants to streamline operations amid decline in sales
- Lenders including Eaton Vance, Marathon prepare for debt talks
Signage is displayed outside a Pier 1 Imports Inc. retail store in Louisville, Kentucky.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Pier 1 Imports Inc. and its creditors are gearing up for talks on how to streamline operations and debt at the home furnishings chain, which is under siege from newer online rivals.
The retailer is working with strategic advisers from AlixPartners LLP and law firm Kirkland & Ellis LLP, according to people with knowledge of the matter. Options being discussed include renegotiating leases, cost-cutting and reworking of the total debt load of around $250 million, the people said.