WSM - Pier 1 Imports Is Gone for Good
Home goods retailer Pier 1 Imports (OTC: PIRRQ) (NYSE: PIR) finally had enough. The company entered Chapter 11 bankruptcy protection in February, but the other shoe has finally dropped. When Pier 1 stores open their doors again, they'll only stay open long enough to empty their inventories in a liquidation sale.
Pier 1 has filed a motion with the bankruptcy court, seeking approval to wind down the company's retail operations in an orderly fashion. Liquidation sales will start when milder COVID-19 conditions allow them. A court-managed auction will find buyers for Pier 1's intellectual property and e-commerce operations.
"This decision follows months of working to identify a buyer who would continue to operate our business going forward," said CEO Robert Riesbeck in a prepared statement. "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."