Pier 1 to Wind Down Business Operations

Pier 1 Imports, Inc. (OTCPK: PIRRQ) (“Pier 1” or the “Company”) today announced that it has received approval from the U.S. Bankruptcy Court for the Eastern District of Virginia for the Company’s planned wind-down of operations. 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 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. “We are incredibly grateful to everyone who has supported Pier 1 since the Company’s inception nearly 60 years ago, including our committed associates, passionate customers and talented vendors.”

In connection with the wind-down and as previously announced, Pier 1 intends 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.

Pier 1 is currently continuing to serve customers through Pier1.com, and orders are being processed and filled.

Additional information regarding the Company’s court-supervised process is available at https://dm.epiq11.com/Pier1, or by calling the Company’s claims agent, Epiq Corporate Restructuring LLC, at (866) 977-0883 (or +1 (503) 520-4412 for international calls) or sending an email to pierone@epiqglobal.com.

Kirkland & Ellis LLP and Osler, Hoskin & Harcourt LLP are serving as legal advisors to Pier 1 in the U.S. and Canada, respectively. AlixPartners LLP is serving as the Company’s restructuring advisor and Guggenheim Securities, LLC is serving as the Company’s investment banker.
https://investors.pier1.com/news-releases/news-release-details/pier-1-wind-down-business-operations

Related Posts

Chico’s FAS, Inc. Reports First Quarter Results

For the first quarter, net sales were $561.8 million compared to $583.7 million in last year's first quarter. This decrease of 3.8% primarily reflects a comparable sales decline of 5.9% and the impact of 41 net store closures since last year's first quarter, partially offset by the favorable impact of the calendar shift due to the 53rd week in fiscal 2017. The comparable sales decline was primarily driven by lower transaction count. For the first quarter, gross margin was $226.9 million, or 40.4% of net sales, compared to $237.4 million, or 40.7% of net sales, in last year's first quarter. This 30 basis point decrease primarily reflects the initial implementation costs and launch of a new expedited shipping program, partially offset by a 70 basis point improvement in maintained margin. Click Read More below for additional information.

Barnes & Noble Reports Fiscal 2018 Second Quarter Financial Results

Total sales for the second quarter were $791.1 million, declining 7.9% as compared to the prior year. Comparable store sales decreased 6.3%, with approximately half of this decline attributable to last year's release of Harry Potter and The Cursed Child. The balance of the decline was primarily due to non-book categories. "Comparable sales improved throughout the second quarter and into November," said Demos Parneros, Chief Executive Officer of Barnes & Noble, Inc. "Book sales continued to strengthen, and we saw improved traffic and conversion trends. As a result of the improving trends, we will continue to place a greater emphasis on books, while further narrowing our non-book assortment. We expect these improvements to continue as we head into the holiday season which, coupled with cost reductions, will enable us to achieve EBITDA of $180 million." Click Read More below for additional information.

HH Global Acquires Adare International

HH Global is pleased to announce the completion of the acquisition of Adare International (including Purple Agency), from the private equity firm Endless LLP, following the signing of an agreement on Monday 21 June 2021. The combined business will generate approximately $2.1bn in annual sales. This deal will create a joint global business with over 4,000 employees and a presence in more than 65 countries, cementing HH Global’s position as market leader. It will also allow stronger in-country operations, helping to propel seven of our local markets to achieve local annual run rates of over $50m revenue for the first time. Mike Perez, Group CEO of HH Global, expressed “Following on from the successful integration of InnerWorkings in October last year, we are thrilled to join forces with Adare International. Welcoming new clients and colleagues on board is always an exciting process, and the strength of Adare International in these areas was a key motivation for our interest in acquiring them. I’m also particularly excited to enhance our capabilities in creative services in the healthcare and B2B sectors with Purple Agency, and to take advantage of the enhanced geographical reach and local revenue within their regional operations.”
Back To Top
×Close search
Search