Pier 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.
Home goods retailer Pier 1 Imports said Tuesday 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.that it plans to sell its inventory and remaining assets, including its intellectual property and online operations.
Pier 1 said it will commence the winding down of its business “as soon as reasonably possible,” once its stores are able to reopen to liquidate. “This decision follows months of working to identify a buyer who would continue to operate our business going forward,” 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.”
Pier 1, based in Fort Worth, Texas, had filed for bankruptcy protection in February, prior to the coronavirus crisis slamming the U.S. economy and forcing thousands of stores to shut. At the time, the company was planning to shut roughly half of its locations, or about 450 shops, permanently. Meantime, it was looking for a buyer for the remaining business.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Read more »
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.
Read more »
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.
Read more »
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.
Read more »
Coronavirus devastating small businesses: One-third won't reopen, 55% won't rehire same workers, finds Facebook surveyFacebook survey finds 55% of shuttered small businesses don't plan to rehire same workers
Read more »
How Are Running Stores Surviving Right Now?With doors forced to close and sales significantly down, specialty run shops have had to innovate to keep their businesses going.
Read more »