50 Brands on the Brink of Declaring Bankruptcy

ADVERTISEMENT
ADVERTISEMENT

Despite a bit of a turn-around, COVID-19 and existing debt hit Pier 1 pretty hard. The brand has been suffering from execution issues and problems from competition like Amazon and Wayfair. In February of 2020, Pier 1 filed for bankruptcy. By May, the brand decided to shut down all of its stores. Many blame the Coronavirus, and while that had a huge hit, Pier 1 has been struggling for a while. All 540 stores will shut down. 

Pier 1

In addition to these challenges, Pier 1 faced criticism over its merchandise quality and pricing, as well as its lack of investment in digital channels and e-commerce capabilities. Despite efforts to restructure and stay afloat, including a potential sale to a private equity firm, Pier 1 was ultimately unable to recover. The company's bankruptcy marked the end of an era for the once-popular retailer and a reflection of the challenges facing brick-and-mortar retailers in the age of online shopping.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Did you know...

  • Have you ever wondered who prints the most money? That would be Hasbro, as in the makers of Monopoly. Hasbro prints more Monopoly money in a given year than there is money in the entire world. Each set of the game comes with $20,580. Bet you didn’t know you had that much money lying around the house!
  • The most expensive hotel room in the world (the Royal Penthouse Suite at the Hotel President Wilson in Geneva, Switzerland) costs $83,200 a night. That's $58 per minute for a stay! Good thing it has 12 bedrooms, 12 baths, a wraparound terrace, a Steinway piano, and an assigned private staff (including a chef)!
  • It's an understatement to say that the odds when playing the lottery are not in your favor. You are statistically three times more likely to die in a car accident while driving 10 miles to buy a lottery ticket than you are to actually win. Even more astounding, over half the tickets in an average lottery draw are bought by only 5% of the participants.
  • Once you've handled all your money, you should probably wash your hands. Money is some of the dirtiest things that we own. In fact, it's been found to be dirtier than a household toilet! During flu season, the virus can live on a bill for up to 17 days. That's just plain disgusting!
  • There are over 1.6 million automated teller machines around the world. And that really does mean the entire world. There are even two ATMs on Antarctica at McMurdo Station operated by Wells Fargo. Friday is the most popular day that ATMs are used worldwide, and the average withdrawal is around $80.