Property furnishings retailer Pier 1 Imports announced that it has submitted for Chapter 11 bankruptcy defense while it pursues a sale.
Though in proceedings, the Fort Well worth, Texas-based retailer intends to full its earlier introduced closure of up to 450 retailer locations, which includes all of its destinations in Canada.
Pier 1 made its submitting in the U.S. Personal bankruptcy Court docket for the Jap District of Virginia.
“In new months, we have taken major methods forward in our business enterprise transformation and price tag-reduction initiatives. We have labored to set up an correctly sized and rewarding retailer footprint, operating structure and products assortment that will enable Pier 1 to better serve our shoppers across shop and on line channels,” mentioned CEO Robert Riesbeck. “Today’s steps are intended to present Pier 1 with supplemental time and money overall flexibility as we now perform to unlock more price for our stakeholders by a sale of the Enterprise. We are going ahead in this approach with the aid of our loan companies and are pleased with the initial fascination as we interact in conversations with likely customers.”
Pier 1 has been given a determination of approximately $256 million in debtor-in-possession financing from Bank of The us N.A., Wells Fargo National Association, and Pathlight Cash LP. Adhering to courtroom acceptance, the organization expects this funding, together with hard cash flows from operations, to present ample liquidity to guidance continued operations and the sale method by way of the Chapter 11 course of action.
Pier 1 intends to carry out a court-supervised sale system and full the sale as a result of a Chapter 11 approach. Pier 1 expects that the deadline to submit qualified binding bids will be on or around March 23, 2020, topic to processes to be approved by the court.
In the petition, retailer lists assets and money owed both equally in the $500 million to $1 billion variety. Its 30 largest unsecured creditor have statements totaling almost $30 million, led by Guangzhou Nanfang Home furniture with a $5.59 million claim, in accordance to the court docket doc.
Sister publication Home furnishings Currently mentioned the adhering to providers as the 30 biggest unsecured lenders and their detailed assert, according to the submitting:
- Guangzhou Nanfang Furniture, $5.59 million
- Mifaco, $2.20 million
- Maersk, $1.60 million
- Bhati & Firm, $1.32 million
- Shenzhen Ouluo Furnishings, $1.27 million
- UPS, $1.21 million
- Synergy House Furnishings, $989,781
- Evergreen Freight, $971,602
- Tzeng Shyng Inds., $962,941
- IGO Investing, $947,903
- Kyvas Intercontinental, $824,627
- A&S Solutions, $820,827
- ANS, $759,165
- Evergetic Growth, $717,624
- Dileep Inds., $702,491
- Walker Edison Furniture, $638,354
- Hang Hai Woodcraft’s Artwork Manufacturing unit, $617,530
- Designco, $601,559
- Shenyang New Seasons Arts & Crafts, $589,090
- Martco Export Personal, $565,126
- Sun Co. $524,861
- Minhou Minxing Weaving, $524,708
- Albertina Export and Import, $512,999
- Aroma Bay Candles, $506,009
- Yang Ming (America), $504,705
- Zim Integrated Shipping and delivery Companies, $499,198
- Sterno Household, $498,453
- Bacninh Manufacture and Investing, $492,081
- Han Zhou J and S Property House Fashion, $491,485