Pier 1 Is Said to Hire AlixPartners, Kirkland for Turnaround Bid

Pier 1 Imports Inc. and its creditors are gearing up for talks on how to streamline operations and debt at the home furnishings chain, which is under siege from newer online rivals.

The retailer is working with strategic advisers from AlixPartners LLP and law firm Kirkland & Ellis LLP, according to people with knowledge of the matter. Options being discussed include renegotiating leases, cost-cutting and reworking of the total debt load of around $250 million, the people said.

The company is also in discussions with investment banks, but has not picked a firm yet, said the people, who asked not ...