Luke Sharrett | Bloomberg | Getty PhotographsPier 1 introduced Monday that it started Chapter 11 chapter proceedings in Virginia and that it's purs
Luke Sharrett | Bloomberg | Getty Photographs
Pier 1 introduced Monday that it started Chapter 11 chapter proceedings in Virginia and that it’s pursuing a sale of the corporate.
The house furnishings chain mentioned in a launch that it filed for chapter within the U.S. Chapter Courtroom in Richmond, Virginia, after warning in lower than two months in the past about its enterprise operations in 2020.
The corporate mentioned in its Monday announcement that it plans to make use of this course of to finish the previously announced closure of up to 450 store locations, together with the closure of all its shops in Canada to assist stanch its money burn.
The corporate added that it is in talks with a number of potential patrons that would purchase the retailer out of chapter and that it expects, pending court docket approval, the deadline to submit certified bids will likely be on or round March 23.
“Right now’s actions are supposed to offer Pier 1 with extra time and monetary flexibility as we now work to unlock extra worth for our stakeholders by means of a sale of the Firm,” Pier 1 CEO Robert Riesbeck mentioned in a press launch.
“We’re shifting forward on this course of with the assist of our lenders and are happy with the preliminary curiosity as we have interaction in discussions with potential patrons,” he added. Pier 1 fairness has misplaced greater than 80% of its worth over the past 12 months amid rising considerations about its…