FORT WORTH, Texas–(BUSINESS WIRE)–Pier 1 Imports, Inc. (OTCPK: PIRRQ) (“Pier 1” or the “Company”) today appear that it has accustomed approval from the U.S. Bankruptcy Court for the Eastern District of Virginia for the Company’s planned accord of operations. Pier 1 intends to admit abundance closing efforts and defalcation sales already abundance locations can reopen, in acquiescence with COVID-19 guidelines from bounded government and bloom officials. The Company affairs to achieve its defalcation sales by the end of October.
“This is not the aftereffect we hoped for back we began this process, and we are acutely afflicted to move advanced with ambagious bottomward Pier 1,” said Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Banking Officer. “We are abundantly beholden to anybody who has accurate Pier 1 back the Company’s birth about 60 years ago, including our committed associates, amorous barter and accomplished vendors.”
In affiliation with the accord and as ahead announced, Pier 1 intends to advertise its actual assets, including its bookish acreage and e-commerce business, pursuant to the behest procedures accustomed in February 2020. The Court today set July 1, 2020 as the asset bid deadline, July 8, 2020 as the bargain date and July 15, 2020 as the auction audition date.
Pier 1 is currently continuing to serve barter through Pier1.com, and orders are actuality candy and filled.
Additional advice apropos the Company’s court-supervised activity is accessible at https://dm.epiq11.com/Pier1, or by calling the Company’s claims agent, Epiq Accumulated Restructuring LLC, at (866) 977-0883 (or 1 (503) 520-4412 for all-embracing calls) or sending an email to firstname.lastname@example.org.
Kirkland & Ellis LLP and Osler, Hoskin & Harcourt LLP are confined as acknowledged admiral to Pier 1 in the U.S. and Canada, respectively. AlixPartners LLP is confined as the Company’s restructuring adviser and Guggenheim Securities, LLC is confined as the Company’s advance banker.
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Cautionary Statement Apropos Forward-Looking Statements
Assertive statements independent in this columnist absolution may aggregate “forward-looking statements” aural the acceptation of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Pier 1 may additionally accomplish advanced statements in added letters filed with the United States Securities and Exchange Commission (“SEC”), in columnist releases, in presentations and in actual delivered to Pier 1’s shareholders. Advanced statements accommodate accepted expectations of approaching contest based on management’s assumptions and assessments in ablaze of accomplished acquaintance and trends, accepted bread-and-butter and industry conditions, accepted approaching developments, and added accordant factors. These statements beset advice that does not anon chronicle to any actual or accepted actuality and generally may be articular with words such as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and added agnate expressions.
Risks and uncertainties that may affect Pier 1’s operations and achievement include, amid others: risks and uncertainties associated with Pier 1’s and its subsidiaries’ Chapter 11 cases; risks and uncertainties accompanying to, and the appulse of, the acting cease of Pier 1’s food civic and its accumulated headquarters, the breadth of time its food and accumulated address are bankrupt and the associated costs and accident of acquirement and appulse on liquidity; the abortion by Pier 1 to identify, advance and auspiciously apparatus actual activity affairs and longer-term cardinal initiatives; the disability of Pier 1 to anticipate, analyze and acknowledge to alteration chump trends and preferences for home décor and appliance and to identify, source, address and bear items of able affection to its U.S. administration and accomplishment centers, food and barter at reasonable prices and ante in a appropriate fashion; risks accompanying to outsourcing assertive business processes to third-party vendors, including disruptions in business, cyber aegis threats and added costs; an all-embracing abatement in the bloom of the U.S. abridgement and its appulse on customer aplomb and spending; disruptions in Pier 1’s calm accumulation alternation or e Commerce website; abortion to auspiciously administer and assassinate Pier 1’s business initiatives; abrogating impacts from a abortion to ascendancy commodity allotment and recalls; abeyant crime accuse on assertive abiding assets; Pier 1’s admission to able operating banknote flow, barter credit, adopted funds and basic to armamentarium its operations and pay its obligations as they become due, including the appulse of connected abasement of Pier 1’s banking achievement or adverse trends or disruption in the all-around acclaim and disinterestedness markets; the awful aggressive retail ambiance with companies alms agnate specialty home merchandise; factors affecting customer spending, including application levels and disposable
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