FORT WORTH, TEXAS (WNCT) Pier 1 Imports, Inc. announced that it has filed a motion seeking Bankruptcy Court approval to begin an orderly wind-down of the Company’s retail operations as soon as reasonably possible after store locations are able to reopen following the government-mandated closures during the COVID-19 pandemic.
As part of the wind-down, the Company intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process.
Pier 1 engaged in a thorough analysis of all available alternatives prior to deciding on this course of action.
Due to the combination of a challenging retail environment and the new reality and uncertainty of a post-COVID world, the Company and its advisors determined that an orderly wind-down is the best way to maximize the value of Pier 1’s assets.
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 is currently continuing to serve customers through Pier1.com, and orders are being processed and filled.
The Company plans to file a Chapter 11 plan and disclosure statement to bring closure to all parties in Chapter 11 cases.