Pier 1 Imports announces May 29 hearing scheduled to OK wind-down

By Caroline Salls

Pittsburgh, May 29 – Pier 1 Imports, Inc. announced Friday morning that a hearing would be held that day to seek approval from the U.S. Bankruptcy Court for the Eastern District of Virginia for the planned wind-down of the company’s operations, according to a news release.

As previously reported, Pier 1 filed a motion to begin an orderly wind-down of its retail operations as soon as reasonably possible after store locations are able to reopen following the government-mandated closures during the Covid-19 pandemic.

Pier 1 said it intends to initiate store closing efforts and liquidation sales once store locations can reopen. The company is continuing to serve customers through Pier1.com, and orders are being processed and filled.

Kirkland & Ellis LLP and Osler, Hoskin & Harcourt LLP are serving as legal advisers to Pier 1 in the United States and Canada, respectively. AlixPartners LLP is serving as the company’s restructuring adviser, and Guggenheim Securities, LLC is serving as investment banker.

Pier 1 is a Fort Worth-based importer of home decor and furniture. The company filed bankruptcy on Feb. 17 under Chapter 11 case number 20-30805.

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