Pier 1 Imports has entered into a Plan Support Agreement with a majority of its term loan lenders and is pursuing a sale of the company.
To facilitate an orderly sale process and implement the PSA, the company and its subsidiaries have begun voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia.
The company also intends to use this process to complete the closure of up to 450 store locations, which includes the closure of all its stores in Canada. To date, the company has closed or initiated going-out-business sales at more than 400 locations. The company is also in the process of closing two distribution centers to reflect its revised store footprint.