$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; AskNewswires@dowjones.com
> Dow Jones Newswires
May 19, 2020 06:12 ET (10:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
