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Pier 1 Imports files for bankruptcy

Christian Fernsby ▼ | February 18, 2020
Pier 1 Imports yesterday announced that it has entered into a Plan Support Agreement (the “PSA”) with a majority of its term loan lenders and is pursuing a sale of the company.
Pier 1 Imports
Retail in America   Pier 1 has closed or initiated going out business sales in over 400 locations
To facilitate an orderly sale process and implement the PSA, the company and its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia.

Topics: Pier 1 Imports bankruptcy

Pier 1 also intends to use this process to complete the previously announced closure of up to 450 store locations, which includes the closure of all its stores in Canada.

To date, Pier 1 has closed or initiated going out business sales in over 400 locations.

Pier 1 is also in the process of closing two distribution centers to reflect its revised store footprint.

Pier 1 has received a commitment of approximately $256 million in debtor-in-possession financing from Bank of America N.A., Wells Fargo National Association, and Pathlight Capital LP.

Following court approval, the Company expects this financing, together with cash flows from operations, to provide ample liquidity to support continued operations and the sale process through the Chapter 11 process.

Pier 1’s stores and online platform are open and operating, and the company remains focused on providing customers with unique, on trend merchandise and an exceptional shopping experience.

The company expects to operate its business in the normal course during this process.