Pier 1 wind-down OK’d; liquidation sales to wrap by end of October

By Caroline Salls

Pittsburgh, May 29 – Pier 1 Imports, Inc. said it received approval Friday 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.

Pier 1 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.

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

The court set July 1 as the asset bid deadline, July 8 as the auction date and July 15 as the sale hearing date.

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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