After initiating Chapter 11 proceedings in February, Pier 1 Imports 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 begin store closing efforts and liquidation sales once locations can reopen in compliance with COVID-19 guidance from local government and health officials. It plans to conclude its liquidation sales by the end of October.
Pursuant to a bidding procedure established in February, Pier 1 intends to sell its remaining assets, including its intellectual property and e-commerce business in connection with the wind-down. 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 continues serving customers through Pier1.com and orders are being processed and filled.
“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 CEO and CFO. “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.”