PIR - Pier 1 Imports To Pursue Court-Supervised Sale - Equityholders Likely To End Up With Nothing

Note:

I have covered Pier 1 Imports (PIR) previously, so investors should view this as an update to my earlier article on the company.

Last month, I discussed my expectations for ailing home decoration retailer Pier 1 Imports to file for bankruptcy "in the not too distant future to successfully execute on announced store closures and secure debtor-in-possession financing" after the company reported another set of disappointing quarterly results.

Photo: Pier 1 store closing at Rivers Avenue in North Charleston - Source: postandcourier.com

On Monday, Pier 1 Imports announced that "