Chesterfield, VA -- (ReleaseWire) -- 02/19/2020 --Pier 1 Imports, Inc. ("Pier 1") is seeking to sell itself as a going concern under chapter 11 of the bankruptcy code as the retailer suffers from increasing pressures from online competitors and failed sales strategies implemented chain wide.
Pier 1's bankruptcy case is being jointly administered under its chapter 11 case numbered 20-30805-KRH. The bankruptcy case is being presided over by Judge Kevin Huennekens. Proposed counsel for Pier 1 is the law firm of Kirkland & Ellis LLP.
The hearings on Pier 1's first day motions were held on February 18 at 2 p.m. in the courtroom of Judge Huennekens located in the U.S. Bankruptcy Court, U. S. Courthouse, 701 E. Broad St., Room 5000, Richmond, VA 23219.
At the first day hearings, Pier 1 painted a picture of stagnation and decline, with the only bright spot being an expedited chapter 11 process expected to be completed in 90 days. Pier 1 plans to use the chapter 11 process to close 450 stores (including all of its stores in Canada), leaving the chain with 540 remaining stores.
The Pier 1 chapter 11 bankruptcy is to be conducted on an expedited basis on the following timeline:
March 23, the bid deadline to purchase the assets of Pier 1 as a going concern
March 31, the auction for the sale of Pier 1
April 23, the confirmation hearing for the Pier 1 chapter 11 plan
May 15, the effective date for the Pier 1 chapter 11 plan
Pier 1 is hopeful that an expedited chapter 11 bankruptcy will help control administrative costs at the same time as maximizing the return for Pier 1's stakeholders.
Ronald Page (http://rpagelaw.com) is a corporate bankruptcy attorney based in Richmond,
With offices in Richmond, Virginia, Ronald Page, PLC has extensive experience representing secured and unsecured creditors in bankruptcy proceedings. Please contact Ronald Page, a Richmond Virginia Bankruptcy Attorney (http://rpagelaw.com/), if you need assistance protecting your interests in Pier 1's bankruptcy.
Ronald Page, PLC
PO Box 73524
N. Chesterfield, VA 23235