Pier 1 braces for sale after filing for Chapter 11 bankruptcy

• Pier 1, a home goods retailer based in Fort Worth, Texas, has applied for personal bankruptcy.
• A news release from Business Wire said that the company is pursuing a “organized sale process” by applying for Chapter 11 bankruptcy.
• Pier 1 CEO and CFO Robert Riesbeck said in a declaration that the business is “delighted with the preliminary interest as we take part in discussions with possible purchasers.”
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Furniture merchant Pier 1 has actually applied for Chapter 11 insolvency.

In a Company Wire press release published on Monday, the business revealed that it is “pursuing a sale” by willingly applying for Chapter 11 in the eastern district of Virginia’s personal bankruptcy court The declaration noted that Pier 1 “plans to conduct a court-supervised sale process and complete the sale through a Chapter 11 strategy,” with the due date for “certified binding bids” to be set around March 23, 2020.

Pier 1 didn’t immediately react to Company Expert’s request for additional remark. In its release, the business revealed its intent to keep its shops and website “open and operating” throughout the insolvency, in addition to continuing to “honor consumer dedications,” compensate employees, and pay vendors and providers.

The Fort Worth, Texas-based business revealed its intent to close 450 stores in January, and Organisation Insider reported that Pier 1’s social networks group exposed it had deleted information about its soon-to-be-shuttered stores from its website. All Pier 1 stores in Canada will close, along with two warehouse.

In the statement published on Company Wire, Pier 1’s CEO and CFO Robert Riesbeck said that the filing was predominantly “cost-reduction” and developing “an appropriately sized and rewarding store footprint.”

” Today’s actions are intended to offer Pier 1 with additional time and financial versatility as we now work to open extra worth for our stakeholders through a sale of the Company,” Riesbeck said in the statement. “We are continuing in this procedure with the support of our loan providers and are pleased with the initial interest as we participate in discussions with prospective buyers.”

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