Pier 1 Imports to wind down its business after not finding a buyer

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.

Thousands of jobs lost

Their decline started during the Obama years

We gotta open up for closout sales

I thought they filed several years ago.

Overpriced ikea

Is this actually true? accurate reporting ? what was the Pier 1 status prior to COVID19?

I Love Pier 1 Imports 😪

Gotta hit those candles!

Dang it, Pier one was one of the few retailers I still went to.

Thank Trump

😩

Does this mean 5 ft giraffe statues will be on clearance?

😔

Maybe if they didn't charge $170 for white glove delivery service they would have more online sales 🤔

Now, this one is shocking....

I thought this company went out of business YEARS ago....😒

Oh, I hate to hear that

Breaking news. It's not the virus that shot down Pier One. It's the crap they try to unload. BYE BYE

I liked the store just everything was a little too pricey for my personal budget.

Pier 1 Was a cool store to walk around in but they never had anything I wanted to buy I don't think anyone has purchased something from this store since 1843

They still open?

Sorry to hear this....

I’ll miss that store and it’s unique infentory

So sad

wow

I like how everything is the fault of COVID-19 now. It's a good cover for these businesses that were failing and bankrupt before this pandemic ever hit.

So sad

mopaddy

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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. This is just the beginning. Get used to online sales! TRUMP 2020
Source: MarketWatch - 🏆 3. / 97 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. This is just the beginning. Get used to online sales! TRUMP 2020
Source: MarketWatch - 🏆 3. / 97 Read more »