Going-Out-Of-Business Sales Are Underway At All Open Pier 1 Stores And pier1.Com
Gordon Brothers and Hilco Merchant Resources to Manage Liquidation at Pier 1 stores and pier1.com
Date June 5, 2020
Joint venture partners Gordon Brothers and Hilco Global announced that they have commenced “Going-Out-of-Business” sales at more than 350 open Pier 1 stores across the United States. Pier 1 announced on Friday, May 29 that it has 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 be operating going out of business sales by mid-June, or as soon as the stores can reopen based on respective state and local guidelines.
Customers can take advantage of storewide discounts of up to 30% off original prices both in open stores and on the retailer’s website, pier1.com. All new merchandise is on sale, including deeper discounts of 40% on all outdoor furniture and wall décor.
A spokesperson from Gordon Brothers and Hilco Global stated, “Customers can shop confidently as government mandated health and safety guidelines have been implemented to ensure a safe shopping environment in all stores. 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.”
Additional Store Closings
Customers can visit pier1.com to see if their local store has reopened. The website will continue to be updated as stores reopen. Store furniture and fixtures will be available for sale at a later date.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston with 25 offices across five continents.
About Hilco Merchant Resources, LLC
Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer’s strategic initiatives. Hilco Merchant Resources’ activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Additionally, HMR now includes among its subsidiaries the nation’s premier fixture and equipment liquidation firm, Hilco Fixed Asset Recovery (www.hilcoffe.com) and an innovative sale locater website called ShopGenius (www.shopgenius.com). Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), one of the world’s leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace.