Pier 1 Planning 40% Cut to Headquarters Staff, Weighs Bankruptcy

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, w