Will Pier 1 Imports Emerge From Bankruptcy Unscathed? New Bid Puts 800 Stores At Risk

After filing bankruptcy in February, Pier 1 Imports (PIRRQ) is reported entertaining a revised offer that could put nearly 800 of the retailers 900 stores out of business.

According to Bloomberg, the revised bid is from CSC Generations, a firm that has bought other struggling retailers such as Bon-Ton Stores, Z Gallerie, and home goods brand, DirectBuy.

Pier 1 Imports previously put a halt to its bankruptcy court auction as the coronavirus hit, causing the company to close all its stores and preventing an accurate assessment of liquidation expenses.

The new bid from CSC Generations would keep only a small portion of Pier 1 Imports stores open as the investment firm looks to acquire the retailer to add to its home goods portfolio, the news outlet said.

With its stores closed because of the COVID-19 pandemic, Pier 1 Imports reportedly sought a court order to allow it to skip its rent payments, which was approved by a judge on Monday.

Shares of Pier 1 Imports stock were down 4.55% as of 1:56 p.m. EDT on Thursday.