Pier 1 Imports seeks supervised bankruptcy liquidation

Pier 1 Imports seeks supervised bankruptcy liquidation

The long time home decor retailer Pier 1 Imports is seeking court supervised liquidation after failing to find a buyer. Blaming the COVID-19 pandemic, CEO Robert Riesbeck has asked the bankruptcy court to oversee the liquidation of all assets as soon as the stores can safely open. Pier 1 started with one store in 1962 and currently has 540 locations.

Miles O'Brien
Miles O'Brien
Miles O'Brien
Miles O'Brien 6 days

This is the first of many such stories. Companies that were on the brink of failure just prior to the Covid-19 outbreak will not get the necessary funding to continue losing money.

Dank Duck
Dank Duck 6 days

I can tell you (because I work in a major home decor company) that this specific company is going under not mainly due to virus, but its own business flaws. The virus has just accelerated what was inevitable. Many companies are going to come out of this stronger (again, becuase I see my company that competes with them currently raking cash, the customers are going to the business that can serve them what they need). If your business is solid, the only impact you see from virsu is growth.

LB
LB 6 days

😢

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