Fort Worth, Texas — Pier 1 Imports, Inc. has filed a motion seeking Bankruptcy Court approval to begin an orderly wind-down of the company’s retail operations as soon as reasonably possible after store locations are able to reopen following the government-mandated closures during the COVID-19 pandemic. As part of the wind-down, the company intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process. “We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively …
robert riesbeck
Fort Worth, Texas — Pier 1 Imports, Inc. is pursuing a sale of the company. To facilitate an orderly sale process and implement the PSA, the company and its subsidiaries have commenced 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 previously announced 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 over 400 …
Fort Worth, Texas — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, Texas, intends to shutter up to 450 stores, which represents nearly half of its current store count of 936. The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omnichannel operations and allow it to move forward with an “appropriately sized store footprint.” Pier 1 has hired a third-party liquidator to help …
Fort Worth, Texas — Pier 1 Imports, Inc. has appointed Douglas Diemoz — former CEO of Crate & Barrel — to the newly created role of president of Pier 1. Additionally, Robert Riesbeck has been named executive vice president and chief financial officer. Both positions are effective July 22, 2019. Riesbeck succeeds Deborah Rieger-Paganis, who has served as interim CFO since April 2019. Diemoz will be responsible for day-to-day operation and performance of Pier 1’s business. He joins Pier 1 with more than two decades of retail industry experience with …