Pier 1 is on the verge of completely shutting down three months after it filed for bankruptcy
Pier 1 announced Tuesday that it's asking the bankruptcy court to cease its retail operations"as soon as reasonably possible." It blames temporary store closures caused by coronavirus and failing to find a buyer for the drastic decision. The 58-year-old company said it analyzed alternative ways to remain in business, but liquidation was the best option.
Read MoreIts lenders have agreed to let Pier 1 overdraw its lending facility by $40 million to help it fund the liquidation process. Once a mall staple, Pier 1 sales have slumped in recent years because of growing online competition and shifting consumer habits. The home goods sector has been hit particularly hard by the rise of Amazon , Wayfair and other online competition. Big-box chains such as Target and Walmart have also strengthened their home goods offerings.
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Pier 1 Imports seeks bankruptcy court approval to pursue orderly wind-down of business operationsPier 1 Imports Inc. said Tuesday it is seeking bankruptcy court approval to start an orderly wind-down of its business operations as soon as possible given current COVID-19 store closures. The company is planning to sell its inventory and remaining assets, including IP and e-commerce business. "This decision follows months of working to identify a buyer who would continue to operate our business going forward," Chief Executive and Chief Financial Officer Robert Riesbeck said in a statement. "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 will start liquidation sales as soon as stores can reopen in compliance with guidelines from states and health officials. Its debtor-in-possession lenders have agreed to allow the retailer to overdraw its DIP loan by about $40 million to support its continued operations through the wind-down period.
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