48.7 F
Fort Worth
Wednesday, December 2, 2020
Business Bankruptcy court approves Pier 1 wind-down plan

Bankruptcy court approves Pier 1 wind-down plan

Other News

Commentary: Remembering Marvin Girouard and Pier 1 Imports

Marvin J. Girouard, 80, who worked at Pier 1 for 32 years and was CEO from 1998 to 2007 and led the company as...

Pier 1 to shutter all stores, citing retail uncertainty following pandemic

Light a scented candle for Pier 1 Imports Inc. The Fort Worth-based home furnishing retailer announced Tuesday, May 19, that it has sold its last...

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.


Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Incora announces group CEO as it makes Fort Worth move

David Coleal has been named Incora group chief executive officer effective Nov. 30, heading a company that was formed when Wesco Aircraft merged with ...

How the West Wins Panel Discussion set during NFR events

The National Finals Rodeo will be taking place on December 3-12 at the Globe Life Stadium in Arlington, but there are plenty of other...

Legendary Fort Worth oil man, TCU supporter Dick Lowe dies

Legendary Fort Worth oil man and TCU supporter Richard L. "Dick" Lowe passed away Sunday, Nov. 29. He was 92. Lowe made and lost fortunes...

Several local Walmart Supercenters remodeled in time for holidays

Fort Worth and Arlington residents will soon get a first look at the newly remodeled Walmart Supercenters at 9500 Clifford Street, 8401 Anderson St....

Retail trade group sees solid holiday sales despite pandemic

By ANNE D'INNOCENZIO AP Retail Writer NEW YORK (AP) — The National Retail Federation, the nation's largest retail trade group, expects that holiday sales could...