Reuters Exclusive: Retailer Pier 1 taps debt restructuring lawyers

Reuters exclusively revealed how Pier 1 Imports Inc has tapped debt restructuring lawyers to navigate potential negotiations with lenders as it struggles with falling sales, sending shares of the U.S. home furnishing retail chain sharply lower. Pier 1 has suffered financial losses amid an increasingly competitive retail landscape, dominated by the likes of Amazon.com Inc and Walmart Inc. Shares plunged more than 45 percent in New York Stock Exchange trading to well below $1 on the report, leaving the retailer with a market capitalization of about $50 million.