Report: Pier 1 Considers Bid That Would Close Majority Of Stores

According to a recent media report from Bloomberg, Pier 1 Imports is expected to receive a revised purchase offer in bankruptcy that would keep open fewer than 100 of the company’s 900-plus locations.

The bid, from a company called CSC Generation, comes after the retailer’s bankruptcy court process was paused while stores are shuttered in accordance with coronavirus containment measures. Bloomberg previously reported that Pier 1 was weighing a bid that would keep a small portion of its locations open.

Pier 1, which filed for Chapter 11 in February with plans to shut about half of its stores, said it was in talks with multiple potential buyers. On March 30, however, it canceled a scheduled auction for its assets, saying lenders would take ownership of the company, the report said. The company said it was still in discussions with various parties about how to maximize the value of its assets.

The report also noted that CSC Generation has previously bought the intellectual property of bankrupt department-store chain Bon-Ton and home decor chain Z Gallerie. In 2017, it bought home furnishing store DirectBuy with the goal, it has said, of building a home goods platform by acquiring Pier 1 and other brands.