Joint venture partners Gordon Brothers and Hilco Global have commenced “going-out-of-business” sales at more than 350 Pier 1 stores across the United States.
Pier 1 recently received approval from the U.S. Bankruptcy Court to begin an orderly wind-down of its retail operations as soon as reasonably possible, pending each location’s ability to reopen following mandated closures due to the impact of COVID-19. It is estimated that all remaining stores will operate going out of business sales by mid-June, or as soon as the stores can reopen based on respective state and local guidelines.
In addition, as previously reported, Pier 1’s debtor-in-possession lenders, including Bank of America and Pathlight Capital, agreed to allow Pier 1 to overdraw its debtor-in-possession facility by approximately $40 million to support the company’s continued operations through the wind-down period.
The going out of business sale includes 30% off original prices both in open stores and on Pier 1’s website, as well as deeper discounts of 40% on all outdoor furniture and wall décor.
“Customers can shop confidently as government mandated health and safety guidelines have been implemented to ensure a safe shopping environment in all stores,” a spokesperson from Gordon Brothers and Hilco Global said. “We encourage customers to take advantage of significant discounts, shop early for the best selection and use any outstanding gift cards. Store teams remain committed to providing customers with the same great experience both in-store and online, while offering even better deals and value.”
