Pier 1 Imports the once prominent furniture store with locations numbering over a 1000, filed for chapter 11 bankruptcy on Monday. A little less than two months ago Pier 1 Imports had planned on closing 450 stores.
The downfall can be accredited to rigorous competition for market share against close competitors such as Wayfair Inc., TJX Cos .’s HomeGoods, Bed Bath & Beyond Inc. s' Cost Plus World Market and Amazon.com Inc.
Those rivals have increasingly moved into selling home furnishings and merchandise that were once virtually the exclusive domain of Pier 1, according to Hart Posen, a professor of management at the University of Wisconsin.
“You’d see something in someone’s house—a wicker-rattan chair or an elephant-themed um...