Pier 1 Imports — one of America's most prominent home-decor chains — is closing down. The company was already looking to halve its store count, but the coronavirus pandemic compounded their financial problems, leaving them without a buyer.
Bankrupt Pier 1 could not find a buyer during the coronavirus pandemic. Now it's asking the bankruptcy court to approve a complete liquidation of the chain.Bankrupt Pier 1 could not find a buyer during the coronavirus pandemic. Now it's asking the bankruptcy court to approve a complete liquidation of the chain.Pier 1 Imports — one of America's most prominent home-decor chains — is packing it in.
The company, known for its colorful housewares and wicker furniture, declared bankruptcy in February. The coronavirus pandemic forced temporary closures of its approximately 540 stores and dashed its hopes of a recovery. "This decision follows months of working to identify a buyer who would continue to operate our business going forward," Pier 1's CEO and Chief Financial Officer Robert Riesbeck
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Pier 1 Imports seeks bankruptcy court approval to pursue orderly wind-down of business operationsPier 1 Imports Inc. said Tuesday it is seeking bankruptcy court approval to start an orderly wind-down of its business operations as soon as possible given current COVID-19 store closures. The company is planning to sell its inventory and remaining assets, including IP and e-commerce business. "This decision follows months of working to identify a buyer who would continue to operate our business going forward," Chief Executive and Chief Financial Officer Robert Riesbeck said in a statement. "Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down." The company will start liquidation sales as soon as stores can reopen in compliance with guidelines from states and health officials. Its debtor-in-possession lenders have agreed to allow the retailer to overdraw its DIP loan by about $40 million to support its continued operations through the wind-down period.
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Pier 1 Imports to wind down its business after not finding a buyerPier 1 Imports says it is seeking bankruptcy court approval to wind down its business entirely after it was not able to find a buyer due to the coronavirus pandemic.
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Pier 1 wants to close all its stores for goodThe final nail is being driven in Pier 1's wicker casket: It's on the verge of completely shutting down three months after it filed for bankruptcy.
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