KCP Special Report: Pier Pressure - Pier One Evaluates Strategic Alternatives
NEW YORK--(BUSINESS WIRE)--Mar 20, 2019--Kroll Bond Rating Agency (KBRA) releases a special report on home furnishings and décor retailer Pier 1 Imports, Inc. (“Pier 1”). Pier 1 recently engaged with advisors to help it explore strategic alternatives and navigate potential negotiations with lenders. Investors remain concerned with Pier 1’s future prospect as sales and profitability continue to deteriorate. Comparable sales fell 10.5% during the company’s fiscal third quarter 2019, marking the fifth consecutive quarter of negative comps, while net sales were down 11.9%.
KBRA Credit Profile (KCP) examined its coverage universe to identify CMBS exposure to Pier 1. Across 189 transactions, there are 181 loans secured by 200 properties, $9.12 billion by allocated loan amount (ALA), with exposure to Pier 1 as either a collateral or non-collateral/shadow tenant.
For the full report, click here.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190320005826/en/
Michael Harrah, Analyst
Abhi Patel, Associate
Mike Brotschol, Senior Director
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: HOME GOODS PROFESSIONAL SERVICES FINANCE INSURANCE RETAIL
SOURCE: Kroll Bond Rating Agency
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PUB: 03/20/2019 05:51 PM/DISC: 03/20/2019 05:51 PM