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.
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.
*Sad Face* The 'Ocean' candle is everything. Bye-bye fresh scent.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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. mopaddy So sad wow
Source: NBCNews - 🏆 10. / 86 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 »
Pier 1 is going out of businessPier 1, the seller of wicker chairs and other home goods, said going-out-of-business sales will start as soon as it can temporarily reopen stores shut by the pandemic. :( Let me make a guess.. They first paid out their executives a hefty amount of $$$.. then they filed bankruptcy so they don't pay their creditors.. typical. Bye Felicia
Source: latimes - 🏆 11. / 82 Read more »