Pier 1 didn't immediately respond to Business Insider's request for further comment.
"Somebody believes in them, because they've convinced banks to give them nearly $260 million, which allows them to continue operating the business," Scheinberg said. "There's something there that's worthwhile to continue operating or get sold." The statement noted that Pier 1 "intends to conduct a court-supervised sale process and complete the sale through a Chapter 11 plan," with the deadline for "qualified binding bids" to be set around March 23. While those banks are setting themselves up to become more high-priority debtors — and thus get first crack at being paid off — they are also taking on risk with such a move.
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