NJ Store Closure List Grows As Pier 1 Files For Bankruptcy

NEW JERSEY – More store closings are planned in New Jersey now that a major retailer has filed for bankruptcy.

Pier 1 Imports announced Monday that it has filed for Chapter 11 bankruptcy and is pursuing the sale of the company.

Pier 1, which announced last month it plans to close 450 stores, is moving forward with 13 store closures in New Jersey (see list below). It is not clear how the potential sale will impact the remaining stores.

The closings come a week after the parent company of Sears and Kmart announced that it plans to close stores in Moorestown, West Long Branch, Livingston, New Brunswick and Woodbridge, saying it's doing so "after careful review."

Macy's also it plans to close 125 stores over the next three years, representing a fifth of the retail giant's locations, according to a report. New Jersey has 24 stores that could be threatened. Read more: Major Retail Stores Closing 3 NJ Locations; Another 24 Threatened

To date, Pier 1 has closed or initiated going-out-business sales at more than 400 locations.

Pier 1 said it will use a third-party liquidator to help with the closings, noting that its lenders signed off on its plan to reduce its brick-and-mortar footprint.

In connection with the bankruptcy filing, Pier 1 is also closing two distribution centers.

“In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives," Robert Riesbeck, Pier 1’s CEO, said in a statement. "We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment that will enable Pier 1 to better serve our customers across store and online channels. Today’s actions are intended to provide Pier 1 with additional time and financial flexibility."

In the statement, Riesbeck said the company is "pleased with the initial interest as we engage in discussions with potential buyers.”

The remaining Pier 1 stores and website are open and operating, and the company said it "expects to operate its business in the normal course during this process."

The company said it expects to "smoothly transition" its business into Chapter 11, including continuing to pay wages and benefits, as well as pay vendors and suppliers.

Pier 1 intends to conduct a court-supervised sale process and complete the sale through a Chapter 11 plan. The expected deadline to submit a qualified bid will be on or around March 23, the company estimated.

As for the list of store closures, Pier 1 referred questions to A&G Realty Partners and the realty company posted the closures in New Jersey:

• PARAMUS, 58-64 Route 4
• EAST HANOVER, 375 Route 10
• EDGEWATER, 11 THE PROMENADE
• FLEMINGTON, 39 REAVILLE AVE.
• FLANDERS, 30 INTERNATIONAL DR SOUTH SUITE F2
• HOWELL, 4759 ROUTE 9 NORTH
• DENNIS TOWNSHIP (CAPE MAY COURT HOUSE) 5 COURT HOUSE SOUTH
• PRINCETON, 3512 BRUNSWICK PIKE
• OCEAN, 1100 HIGHWAY 35
• WOODBRIDGE, 889 SAINT GEORGE AVENUE
• EAST BRUNSWICK, 615 ROUTE 18 SOUTH
• MILLVILLE, 2148 NORTH 2ND STREET A
• CHERRY HILL, 801 HADDONFIELD ROAD