Texas-based Pier 1 Imports is reportedly getting ready to file for bankruptcy and cut jobs. Bloomberg reports the home furnishings retailer, whose corporate offices are in Fort Worth, plans to get rid of about 40 percent of its headquarters staff and has drafted a bankruptcy plan. The company also intends to shut down hundreds of stores nationwide. The news sent Pier 1 shares into a freefall, going down around 17 percent when trading stopped.
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