Pier 1 Imports Plans To Pursue Wind-Down Of Business Operations

(RTTNews) - Struggling home furnishings retailer Pier 1 Imports Inc said that it has filed a motion seeking Bankruptcy Court approval to begin an orderly wind-down of the company's retail operations.

As part of the wind-down, the company plans to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process.

Robert Riesbeck, Pier 1's Chief Executive Officer and Chief Financial Officer said, "This decision follows months of working to identify a buyer who would continue to operate our business going forward. 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 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 said it is currently continuing to serve customers through Pier1.com, and orders are being processed and filled.

Pier 1 expects to conduct its asset sales pursuant to the bidding procedures established by the Court on February 18, 2020. The company has proposed July 1, 2020 as the asset bid deadline, July 8, 2020 as the auction date and July 15, 2020 as the sale hearing date.

In February 2020, Pier 1 Imports filed for Chapter 11 bankruptcy protection.