Pier 1 Imports Inc. (fka PIRRQ)

[Renee]

PIRRQ BK PLAN effective. All shares cancelled:

https://otce.finra.org/otce/dailyList?viewType=Deletions

[VelvetJones]

I'm amazed the usual suspects are not here pumping this. Reality usually means nothing to them. The fact that this still trades in the 10-20 cent range is amazing. The company states months ago that they were liquidating and shut down all operations, yet people trade this daily. Once again the SEC shows why it is complete joke. They'll go after grandma for trading 10 shares on a tip, but ignore massive manipulation and pump & dump schemes without blinking an eye.

[TimeFades]

Moving clean since tai acquired . Shoulda took those .2s

[Hambone5]

What's going to happen to this stock after the bankruptcy sale and it becomes online only? Will the stocks just disappear and it'll then be a private company?

[bar1080]

When will cancellation occur?

[hondaboost]

Pursuant to the Agreement, the Purchaser agreed to pay a total purchase price of $20,075,000, subject to adjustment only for estimated taxes. The Sellers made customary representations and warranties regarding the intellectual property and the e-commerce business assets and liabilities..

Then, I’ll be liquidated. Commons get wiped out!

[wonderstocks]

Pier1 raking in $20M a week going out of business sale
https://nypost.com/2020/05/29/pier-1-raking-in-20m-a-week-in-online-going-out-of-business-sales/

[wonderstocks]

DEEP VALUE - At the time of petition there were $168 mm assets more than liabilities and approx 4 million o/s.

Do the math.LOL.

[mkinhaw]

.04 to .49 not bad
why though, lol

MK

[makinezmoney]

$PIRRQ: All storefronts are officially closing down now.

$0.16





Pier 1 Imports seeks bankruptcy court approval to pursue orderly wind-down of business operations
6:12 AM ET 5/19/20 | MarketWatch
Related Quotes


12:48 PM ET 5/19/20
Symbol Last % Chg
PIRRQ
0.16 -61.90%
Real time quote.

Pier 1 Imports seeks bankruptcy court approval to pursue orderly wind-down of business operations

Pier 1 Imports Inc. (PIRRQ) said Tuesday it is seeking bankruptcy court approval to start an orderly wind-down of its business operations as soon as possible given current COVID-19 store closures. The company is planning to sell its inventory and remaining assets, including IP and e-commerce business. "This decision follows months of working to identify a buyer who would continue to operate our business going forward," Chief Executive and Chief Financial Officer Robert Riesbeck said in a 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." The company will start liquidation sales as soon as stores can reopen in compliance with guidelines from states and health officials. Its debtor-in-possession lenders have agreed to allow the retailer to overdraw its DIP loan by about $40 million to support its continued operations through the wind-down period.

-Ciara Linnane; 415-439-6400; [e-mail]

> Dow Jones Newswires

May 19, 2020 06:12 ET (10:12 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

[bar1080]

Sure you did.

"Bought a bunch five days ago at 8 cents,"

[keekee]

Bought a bunch five days ago at 8 cents, to add to previous positions. It has yielded 40 percent so far. Irony rhat a bankrupt co makes me good money where others flop. Two doubles though, an ETF four days ago and a speciality goods maker...yesterday and today

[bar1080]

90% drop in three weeks. Congrats to our local players.

[WHITTENHALLJR]

Where is the bottom? .01?

[PIRstockboy]

anyone else see nite lurking in the shadows on this. lol

[stocksplit123]

Just give it up on hoping this thing bounces just stay on the NASDAQ stocks, Every day there’s a stock in play to make big money on

[mxp]

Yes, that was brutal. That split threw me off. I thought we had at least another quarter to raise from hell. Well, that was a gamble for sure. With China situation, even Walmart will find itself in the hole. TIME TO BUY GOLD AND SILVER.

[RJ Trotts]

Hoping to see a bounce back over $1. Best to all of us, some of these have to settle a bit, before they bounce.

[WHITTENHALLJR]

75s looking good!

[mulder35]

Its Has Bounced Off the 70's!!!! I was telling ppl in yahoo and stocktwits to BUY BUY BUY!!!! The float is too low for this to stay down long.. NO ONE listened to me.. Now Im up a few $ and I couldve been up a LOT more if i had been buying instead of preaching...

[RJ Trotts]

Watching this one, to see if it can bounce.

[leftovers]

I don't think you're going see many wild claims on this bad boy? For PIRRQ and it's share holders It's over. Time to stick a fork in it.

Another old school retailer bits the dust. There won't be any magic recovery They already have the Plan in motion to Liquidate ASAP

Share holders are not in the plan they be hung out to dry.

[bar1080]

"equityholders unlikely to receive any form of recovery as sales proceeds will likely be insufficient to cover creditor claims, particularly after giving effect to the $256 million in debtor-in-possession financing now sitting at the top of the capital structure."

https://seekingalpha.com/article/4324880-pier-1-imports-to-pursue-court-supervised-sale-equityholders-likely-to-end-up-nothing

[bar1080]

"* Company has filed for chapter 11 and will pursue a court-supervised sale with bids due by late March and court confirmation expected by late April.

* Secured $256 million in debtor-in-possession financing to provide sufficient liquidity until completion of the sales process.

* Sales proceeds will likely be insufficient to cover creditor claims. As a result, equityholders need to prepare for being wiped-out.

* The NYSE has already begun the process of delisting PIR from the NYSE and the company will likely commence trading on the Pink Sheets Market soon. In my opinion, investors should sell existing positions and move on."

https://seekingalpha.com/article/4324880-pier-1-imports-to-pursue-court-supervised-sale-equityholders-likely-to-end-up-nothing

[VelvetJones]

Do you care to revise your statement?

[VelvetJones]

Oh man, these are my favorite stock board days. I can't wait to see what while claims will be made. Kind of like "It's worth $44 a share" on the Sears board.

[Renee]

PIR changed to PIRRQ, bankruptcy. Delisted from the NYSE to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

[ErnieBilco]

Wow, the directors and management raped the shit out of the funds left. These guys should be in jail for the fraud they have perped 5 days before declaring BK.

It's always amazing that the corrupted BK courts allow this kind of pilferage by management and BODs. THEY SHOULD BE LEFT PENNILESS AS THEIR ACTIONS ARE WHAT KILLED THE COMPANY.

Donna N. Colaco, President $920,000
William H. Savage, Executive Vice President and Chief Global Supply Chain Officer $625,000
Mark R. Haley, Executive Vice President, Store Sales and Operations $712,500

each non-employee director will receive an annual cash retainer
of $185,000, except that certain non-employee directors who are determined by the Board to be “disinterested directors” for purposes of the Plan will
receive an annual cash retainer of $300,000. “Disinterested directors” will also receive an additional fee of $7,000 per day for providing certain special
services. Non-employee directors who serve on the Restructuring Committee and are not “disinterested directors” will receive an additional annual cash
retainer of $25,000 to compensate them for their service on the Restructuring Committee. The Plan, as amended, does not have an equity compensation

Of course no equity compensation as they have killed the company so they want cash money, allowed by the BK judge.

[leftovers]

anybody know what Symbol this is now trading at? NYSE has already said they are being delisted I can't find it yet?

Looks like they want to liquidate very fast.

Summary
Discussing key terms of "Plan Support Agreement"

Company has filed for chapter 11 and will pursue a court-supervised sale with bids due by late March and court confirmation expected by late April.

Secured $256 million in debtor-in-possession financing to provide sufficient liquidity until completion of the sales process.

Sales proceeds will likely be insufficient to cover creditor claims. As a result, equity holders need to prepare for being wiped-out.

The NYSE has already begun the process of delisting PIR from the NYSE and the company will likely commence trading on the Pink Sheets Market soon. In my opinion, investors should sell existing positions and move on.

[NYCPuglet]

This didn’t age well.

[WHITTENHALLJR]

I guess that’s what the horse and buggy operator said when the model T hit the roads

[WHITTENHALLJR]

.25 here we come!!! Lol

[leftovers]

Looks very brutal for Pier 1? Sounds like they are ready to act fast Don't see it going the same road as Sears.

Looks like they are ready to liquidate fast. Between the RS and the crash coming tomorrow common share holders are finished here?

Amazon has destroyed the mainstream retailers!

[leftovers]

Going be a real ugly day tomorrow seeing how the market is closed on the day they announced.

Timber look out below. Looks like Pier 1 is going to liquidate fast too No hope here for the share holders?

[bar1080]

Here Comes The Unwashed Mob of BK "Playas." A couple of them might even make a few "dollas." As usual with bankruptcies most will loooose.

Likely the BK court will have little patience with Pier 1 with Eddie Lampert's Sears fiasco dragging on forever and limited funds that should go to legitimate creditors being wasted there on administrative costs... lawyers and accountants.

[hungary_hippo]

Has anyone gotten a better Presidents day gift than this which has been handed here?

[leftovers]

Pier 1 Imports (NYSE:PIR) files for Chapter 11 bankruptcy. The retailer plans to sell the company through the bankruptcy process.

Pier 1 is already in talks with potential acquirers.

Shares of Pier 1 Imports are down more than 80% over the last 52 weeks.

[Scotttrader80]

Pier 1 Imports Files for Chapter 11 Bankruptcy

https://www.wsj.com/articles/pier-1-imports-files-for-chapter-11-bankruptcy-11581959763

[bar1080]

WSJ: "Pier 1 Imports Files for Chapter 11 Bankruptcy

Home furnishings chain in discussions with several potential buyers"

Pier 1 Imports Inc. has filed for bankruptcy with plans to sell the company, less than two months after the troubled home-decor retailer said it planned to close up to 450 stores and cut costs to slow down its cash burn.

The home furnishings chain has said it filed for chapter 11 protection Monday in the U.S. Bankruptcy Court in Richmond, Va., after warning in January about its ability to stay in business within the next year.

Pier 1 said it intends to conduct a bankruptcy court supervised sale process of the company and complete the sale through a chapter 11 plan. The company said it is in discussions with multiple potential buyers that could acquire the retailer out of bankruptcy.

Pier 1 expects the deadline to submit qualified bids will be on or around March 23, pending court approval.

Before filing, Pier 1 said it entered into an agreement with a majority of its term-loan lenders. The company’s lenders have committed to extending $256 million in debtor-in-possession financing. The bankruptcy financing from lenders including Bank of America N.A., Wells Fargo National Association, and Pathlight Capital LP will allow the company to continue operations and conduct its sale process."

https://www.wsj.com/articles/pier-1-imports-files-for-chapter-11-bankruptcy-11581959763

[TeddyCaswell]

Bankrupt

[PIRstockboy]

now is the time. get in for the beginning of the restructuring. these girls do work. let's make the pir mountain #3 $$$$

[mxp]

Added again, dirt cheap.

[mxp]

Added more today.

[leftovers]

Ailing home decoration retailer reports another disappointing quarter, causing new management to take some decisive action.

Company intends to reduce its store base by almost 50% and close a number of distribution centers while also laying off about 40% of its headquarters staff.

Management warns of substantial doubt regarding the company's ability to continue as a going concern resulting in a potential debt default.

Expect the company to file for bankruptcy in the not too distant future to successfully execute on the announced store closures and secure debtor-in-possession financing.

Investors should avoid the shares or exit existing positions given the elevated risk of getting wiped out.

[mxp]

It will follow RAD soon...

[mxp]

it is only at.40 pre-split. A double from here in a matter of time. It is trading as if it went BK.

[chrispy2468]

Outa little here.

[keekee]

We are up a dollar from that last week. Let's see whether $10 is in play again.

[chrispy2468]

Same

[keekee]

Just doubled down this morning on PIR. Must see $7.50 shortly