pier 1

Pier 1 Imports To Liquidate Operations

After a long struggle to improve operations and financial performance, resulting in a Chapter 11 filing, Pier 1 Imports has filed a motion seeking bankruptcy court approval to begin an orderly wind-down of the company’s retail operations after store locations are able to reopen following COVID-19-related closures.

Pier 1 Paves Way For Additional Closures, Extends Furloughs

With the COVID-19 pandemic and a Chapter 11 bankruptcy filing continuing to pressure the business, Pier 1 Imports is extending employee furloughs and continuing pay reductions even as it has been mailing conditional notices to staffers in its home office, customer relations call center and distribution and fulfillment centers about potential operations closures as it moves to meet requirements of the federal Worker Adjustment and Retraining Notification Act.

Pier 1 Bankruptcy Identifies Unsecured Creditors

Pier 1 entered into Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia on February 17 to facilitate a Plan Support Agreement with a majority of its term loan lenders, listing its major unsecured creditors as it did so.

Pier 1 Board Initiates Reverse Stock Split

At Pier 1 Imports’ 2019 annual meeting of shareholders held on June 19, shareholders authorized a reverse stock split at a ratio of 1-for-5, 1-for-10 or 1-for-20, and a reduction in the number of authorized shares of common stock by a corresponding ratio.

Pier 1 Stumbles Through Q2

Pier 1 Imports launched a new strategic plan in the second quarter but customers didn’t jump on board, as the retailer posted a deeper net loss and a comparable sales decline. 

Pier 1 Launches Strategic Plan After Weak Q4

After a distressing fourth quarter in which earnings and comparable sales fell significantly, Pier 1 Imports has formed a new strategic plan that will pressure financial results short term but lead to gains down the road, the company asserted.

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