|Bid||0.0000 x 1400|
|Ask||0.0000 x 900|
|Day's Range||3.5100 - 3.7500|
|52 Week Range||0.0632 - 15.0000|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Apr. 15, 2020 - Apr. 20, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.00|
Pier 1 Imports, Inc. (OTCPK: PIRRQ) ("Pier 1" or the "Company") today announced that it has received approval from the U.S. Bankruptcy Court for the Eastern District of Virginia for the Company’s planned wind-down of operations. Pier 1 intends to initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials. The Company plans to conclude its liquidation sales by the end of October.
Pier 1 Imports, Inc. (OTCPK: PIRRQ) ("Pier 1" or the "Company") announced that there will be a Bankruptcy Court hearing today, May 29, 2020 at 11:00 AM Eastern Time to seek approval for the Company’s planned wind-down of operations. Interested parties may access the hearing before the U.S. Bankruptcy Court for the Eastern District of Virginia by Zoom or by phone:
(Bloomberg) -- The end is near for Pier 1 Imports Inc.The home goods retailer, which was in bankruptcy before Covid-19 locked down the U.S. economy, won permission from a federal judge Friday to liquidate its remaining stores. It expects to wrap up going-out-of-business sales in October, a lengthier-than-usual process given state restrictions on store openings.“No one is a winner today -- we failed a lot of people,” said Josh Sussberg of Kirkland & Ellis, the firm representing Pier 1 in bankruptcy court. “It’s frankly an awful day for Pier 1 that nobody wanted.”Pier 1 entered Chapter 11 bankruptcy earlier this year with hopes of closing some stores, shedding debt and selling the whole business. The pandemic dashed those hopes and will ultimately lead to the loss of some 17,000 jobs across the country.The retailer reopened 245 stores in the past week and will open its remaining locations when possible to conduct additional going-out-of-business sales, Sussberg said. The chain continued online operations during the pandemic, selling $20 million worth of goods during some weeks, Chief Executive Officer Robert Riesbeck said in the hearing.An auction for Pier 1’s intellectual property, for which the chain has received “robust interest,” is slated for July 8, Emily Geier of Kirkland & Ellis said. Pier 1 intends to pay its June rent and catch up on back rent -- it skipped April and May payments -- in September, she said.“This is not a day for congratulations by any stretch,” Sussberg said, calling Covid-19 the “knockout blow” for Pier 1. “At the end of the day, sharing in the pain is the best we can do.”Pending a final court order, customers will be able to redeem gift cards online for about the next 30 days, and each Pier 1 store will accept gift cards for 30 days after they reopen, Geier said.The case is Pier 1 Imports Inc., 20-30805, U.S. Bankruptcy Court, Eastern District of Virginia (Richmond)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The coronavirus hit retailers hard, causing businesses to file for bankruptcy across the world. Peter Kaufman, Gordian Group President joins Yahoo Finance’s On The Move panel to weigh in on the differences between chapter 7 and chapter 11 bankruptcy.
(Bloomberg) -- Pier 1 Imports Inc. said it would seek bankruptcy court approval to wind down its brick-and-mortar operations after the coronavirus pandemic made it difficult for the U.S. retailer to find a buyer.The company said in a statement Tuesday it intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process. Pier 1 filed to begin an orderly wind-down “as soon as reasonably possible” after stores are able to reopen following government-mandated closures because of the pandemic.“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Robert Riesbeck, chief executive officer, said in the 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.”Pier 1 sought court protection in February with plans to shut about half of its stores and said it was in talks with multiple potential buyers. The Fort Worth, Texas-based company had posted multiple quarters of declining sales and losses amid a raft of new competitors like Wayfair Inc.On March 30, it canceled a scheduled auction for its assets, saying lenders would take ownership of the company. However, the company said it was still in discussions with various parties about how to maximize the value of its assets.Pier 1 is “left with no choice” but to wind down retail operations and look to sell all its remaining assets, attorneys for the company write in court papers. “It is now clear that Pier 1’s future does not involve any brick-and-mortar retail locations,” they said.Read more: Corporate Bankruptcies Delayed Until Virus Carnage Sorted OutSince store-closing sales can’t be held until state-mandated lockdowns are lifted, the retailer is seeking court permission to pay current employees severance and bonuses to discourage them from leaving before the chain can wind down. Pier 1 is also asking its bankruptcy judge to set an auction on July 8 for its its intellectual property and e-commerce business, other court papers show.Bloomberg News reported last month that Pier 1 was expected to receive a revised purchase offer from a company called CSC Generation that would keep open fewer than 100 of the company’s 900-plus locations. The bid was expected after the retailer’s bankruptcy court process was paused while stores are shuttered in accordance with coronavirus containment measures.The case is Pier 1 Imports Inc., 20-30805, U.S. Bankruptcy Court, Eastern District of Virginia (Richmond)(Adds additional detail on process in sixth and seventh paragraphs. Adds case cite)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Home decor and furniture retailer Pier 1 Imports Inc on Monday said it had filed for bankruptcy protection and was pursuing a sale, a month after it warned of its ability to continue as a going concern in a tough retail environment. The company is the latest retailer struggling in a market dominated by e-commerce giant Amazon.com Inc and other retail stalwarts like Walmart Inc, and had announced plans last month to close up to 450 stores and cut jobs. Pier 1 said it had received a commitment of about $256 million in debtor-in-possession financing from Bank of America, Wells Fargo National Association, and Pathlight Capital LP.
Bed Bath & Beyond will have a challenging year ahead, said CFRA retail analyst Camilla Yanushevsky.
Retailers closed more than 9,000 stores last year and news that Pier 1 will close 450 this year signals more trouble for traditional retailers this year.
NEW YORK, NY / ACCESSWIRE / September 25, 2019 / Pier 1 Imports, Inc. (NYSE: PIR ) will be discussing their earnings results in their 2020 Second Quarter Earnings to be held on September 25, 2019 at 5:00 ...
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