Pier 1 Plans To Close All Retail Operations

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The Frugal Buzz Team 9 months, 1 week ago

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Quick Notes: Pier 1 Bankruptcy News

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May 20, 2020 at 9:29 am #30724

The Frugal Buzz Team
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Pier 1 announced yesterday that they plan to close all retail locations as part of their bankruptcy wind-down plan. The company will sell its remaining inventory, assets (intellectual property), and online business.

This is another retailer that has suffered over the last few years as the online e-commerce industry has grown and brick-and-mortar retail locations have suffered. It also doesn’t help that the government mandated non-essential retailers close stores due to the Covid-19 pandemic.
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The Details

"FORT WORTH, Texas--(BUSINESS WIRE)--May 19, 2020-- Pier 1 Imports, Inc. (OTCPK: PIRRQ) (“Pier 1” or the “Company”) today 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."

Model: Pier 1 Retail Stores

Editor's Notes: If you are looking to shop their remaining inventory, you may have some time after the goverment mandated store locations are lifted in your area, as the 'wind-down' process will take some time.

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