Pier 1 Imports Receives U.S. Court Approval To Liquidate Stores

(RTTNews) - Struggling home furnishings retailer Pier 1 Imports Inc. said that it received approval from the U.S. Bankruptcy Court for the Eastern District of Virginia for the company's planned wind-down of operations.

The company said it plans 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 plans to conclude its liquidation sales by the end of October.

"This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1," said Robert Riesbeck, Pier 1's Chief Executive Officer and Chief Financial Officer.

In connection with the wind-down and as previously indicated, Pier 1 plans to sell its remaining assets, including its intellectual property and e-commerce business, pursuant to the bidding procedures established in February 2020.

The court today set 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.