(Bloomberg) — Pier 1 Imports Inc. is planning to dismiss about 40% of its headquarters staff, roughly 300 people, and is canceling orders as it works to overhaul the troubled business, according to people with knowledge of the matter.The retailer has drafted a bankruptcy plan and last month made a presentation to creditors that envisioned a smaller post-bankruptcy company with about $900 million in annual sales. It’s also held talks with current lenders about providing Chapter 11 financing, said the people, who asked not to be identified because the process is private.The company’s shares declined as much as 30% on …read more
Source:: Yahoo Finance
