Pier 1 Imports, the house décor and equipment retailer, introduced immediately that it plans to wind-down the corporate’s retail operations as quickly as fairly doable. It hopes that the method can start after current retailer places are in a position to reopen as soon as the mandated closings due to the COVID-19 pandemic finish.
The corporate’s case is being dealt with in U.S. Chapter Court docket for the Japanese District of Virginia. Pier 1 is looking for court docket approval to start ending its brick-and-mortar operations and promote its stock and remaining belongings. That would come with its mental property and e-commerce enterprise. It’s asking for the court docket to oversee the method.
Pier 1 beforehand closed lots of its retail places together with the Westchester places in Bedford Hills, Larchmont, Mohegan Lake, Port Chester and White Plains.
Shops in Poughkeepsie, Newburgh, Middletown, Spring Valley and Yonkers in New York, and Fairfield, Milford and Southbury in Connecticut, had remained open however subsequently needed to be briefly closed when the enterprise shutdown and social distancing measures went into impact to battle the unfold of COVID-19.
Robert Riesbeck, Pier 1’s CEO and CFO stated, “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 corporate stated its monetary and authorized advisers “engaged in a thorough analysis of all available alternatives prior to deciding on this course of action.”
Pier 1 intends to provoke retailer closing efforts and liquidation gross sales as soon as retailer places can reopen, in compliance with COVID-19 tips from native authorities and well being officers. The corporate stated it’s at present persevering with to serve prospects by way of Pier1.com and orders are being processed and stuffed.
The corporate has proposed July 1 because the asset bid deadline, July eight because the public sale date and July 15 because the sale listening to date.
On Feb. 17 of this yr, Pier 1 Imports Inc. introduced that it had reached a plan help settlement with a majority of its time period loan lenders and was pursuing a sale of the corporate. Voluntary Chapter 11 proceedings had been began. It stated it had obtained a dedication for debtor-in-possession financing from the Bank of America, Wells Fargo and Pathlight Capital LP amounting to roughly $256 million.
The corporate’s headquarters are in Fort Price. It began with one retailer in San Mateo, California, in 1962 and grew to greater than 1,000 places in North America and is a public firm. Its stock had been buying and selling at above $14 a share a couple of yr in the past. On Might 14 it was buying and selling at about 43 cents a share.