According to a document filed with the Securities and Exchange Commission, the company sold its IP and related assets for $20,075,000. The company has stated that it will consider other bids, including other offers they have received on or around July 8.
Together with its financial and legal advisors, Pier 1 says that it engaged in an analysis of all available alternatives prior to deciding on this course of action. Ultimately, due to the combination of the retail environment and the uncertainty of a post-COVID world, it was determined that an orderly wind-down is the best way to maximize the value of Pier 1’s assets.
“We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades,” says Robert Riesbeck, chief executive officer
Previously, the company announced that it filed a motion
court approval in order to begin to wind-down the company’s retail operations.
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