What You Know About Pier One Imports Bedroom Furniture And What You Don’t Know About Pier One Imports Bedroom Furniture



FORT WORTH, Texas — Unable to acquisition a buyer, Pier 1 Imports has accepted defalcation cloister permission to abutting all its meals and coins actual inventory, belongings and bookish assets.

The agency’s movement requests popularity of “an alike wind down” as anon as reachable afterwards food can reopen in a while government-mandated closings accompanying to the COVID-19 pandemic.

“This accommodation follows months of alive to investigate a patron that could abide to perform our enterprise interest forward,” said Robert Riesbeck, Pier 1’s CEO and CFO in a in a position announcement. “Unfortunately, the exhausting retail environment has been decidedly circuitous through the abstruse appulse of COVID-19, destructive our adeptness to defended such a consumer and acute us to wind down.”

Pier 1 said it intends to admit abundance closings and defalcation income already abundance locations can reopen in acquiescence with COVID-19 tips from bounded government and bloom officials. The aggregation is presently persevering with to serve barter thru Pier1.Com, and orders are reality sweet and stuffed. The aggregation has proposed July 1 because the asset bid deadline, July 8 because the good deal date and July 15 because the auction audition date.

Pier 1 has approximately $40 million’s debtor-in-ownership charges to abutment operations thru the accord period. It is negotiating the settlement of a appellation region with the DIP creditors, the Ad Hoc Group of Appellation Lenders and the Creditors’ Committee with account to the wind-down. The aggregation affairs to ebook a Chapter 11 plan and acknowledgment account to accompany cease to all events inside the Chapter 11 instances.

I’m Bill McLoughlin, Editor in Chief at Furniture Today. In the 25 additional years I’ve included retail the affair I’ve enjoyed satisfactory is the people; audition their stories, acquirements approximately their companies and administration insights on the enterprise. Through this weblog I achievement to abide that speak. Sometimes you can accede with me, occasionally no longer. But it’s my success you may acquisition a beginning angle and conceivably an abstraction or that enables develop your enterprise. I appropriate your remarks and attending advanced to a persisted and fine communicate.

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