Pier 1’s ‘Awful Day’ Arrives With Judge Approving Liquidation

The end is near for Pier 1 Imports Inc.

The home goods retailer, which was in bankruptcy before Covid-19 locked down the U.S. economy, won permission from a federal judge Friday to liquidate its remaining stores. It expects to wrap up going-out-of-business sales in October, a lengthier-than-usual process given state restrictions on store openings.

“No one is a winner today -- we failed a lot of people,” said Josh Sussberg of Kirkland & Ellis, the firm representing Pier 1 in bankruptcy court. “It’s frankly an awful day for Pier 1 that nobody wanted.”

Pier 1 entered Chapter 11 bankruptcy ...