Categories: Headlines

Pier 1 Downgraded from S&P Global

Pier 1 (Fort Worth, Texas) was downgraded from S&P Global Ratings (New York) due to “operating trends [that] continue to deteriorate significantly with very high levels of cash burn and negative EBITDA, which is a trend that we expect to persist through the coming year,” Retail Dive reports, as relayed by S&P.

The company’s long-term debt has grown from $197.9 million the previous year to $245.6 million at the end of last fiscal year, according to Retail Dive.

This past January, the company faced NYSE delisting because it was no longer in compliance with the required listing criteria.

VMSD Staff

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