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Pier 1 Imports Will Wind Down, Liquidate All Stores
Fort Worth-based Pier 1 Imports, which filed for Chapter 11 bankruptcy protection in February, said Tuesday it plans to wind down its operations and liquidate all 540 remaining stores. It will implement liquidation sales as soon as it can reopen its locations in accordance with COVID-19 guidelines from local government and health officials.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” said CEO Robert Riesbeck. “Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down.”
Pier 1 expects to conduct its asset sales pursuant to the bidding procedures established by the bankruptcy court in February. The company has proposed July 1 as the asset bid deadline, July 8 as the auction date and July 15 as the sale hearing date.
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