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Tuesday, August 4, 2020

Bankruptcy court approves Pier 1 wind-down plan

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Pier 1 Imports Inc. (OTCPK: PIRRQ), which grew from a single store offering offbeat import items in 1962 to a home furnishings powerhouse in the 1980s, on Friday announced that it has received approval from the U.S. Bankruptcy Court for the Eastern District of Virginia for the company’s planned wind-down of operations. Pier 1 intends to initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials. The company plans to conclude its liquidation sales by the end of October.

“This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1,” said Robert Riesbeck, Pier 1’s CEO and chief financial officer. “We are incredibly grateful to everyone who has supported Pier 1 since the company’s inception nearly 60 years ago, including our committed associates, passionate customers and talented vendors.”

In connection with the wind-down and as previously announced, Pier 1 intends to sell its remaining assets, including its intellectual property and e-commerce business, pursuant to the bidding procedures established in February 2020. The court on Friday set July 1, 2020 as the asset bid deadline, July 8, 2020 as the auction date and July 15, 2020 as the sale hearing date.

Pier 1 is currently continuing to serve customers through Pier1.com, and orders are being processed and filled.

Additional information regarding the Company’s court-supervised process is available at https://dm.epiq11.com/Pier1, or by calling the Company’s claims agent, Epiq Corporate Restructuring LLC, at (866) 977-0883 (or +1 (503) 520-4412 for international calls) or sending an email to pierone@epiqglobal.com.

Kirkland & Ellis LLP and Osler, Hoskin & Harcourt LLP are serving as legal advisors to Pier 1 in the U.S. and Canada, respectively. AlixPartners LLP is serving as the company’s restructuring advisor and Guggenheim Securities, LLC is serving as the company’s investment banker.

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