Pier 1 closing all stores including ENC locations

North Carolina

CHICAGO, ILLINOIS – FEBRUARY 18: A sign hangs above a Pier 1 imports store that is slated to close on February 18, 2020 in Chicago, Illinois. The struggling retailer announced today that it had filed for bankruptcy and was closing 450 stores. (Photo by Scott Olson/Getty Images)

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.

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