Pier 1 Imports Inc. is expected to receive a revised purchase offer in bankruptcy that would keep open fewer than 100 of the company’s 900-plus locations, Bloomberg News reported. The bid, from a company called CSC Generation, comes after the retailer’s bankruptcy court process was paused while stores are shuttered in accordance with coronavirus containment measures. Bloomberg previously reported that Pier 1 was weighing a bid that would keep a small portion of its locations open. With no present option to liquidate, Pier 1’s lenders have looked at taking over equity control of the chain. But that idea may not be particularly attractive as the nation slips into a possible recession. Pier 1 sought court protection in February with plans to shut about half of its stores and said it was in talks with multiple potential buyers. The Fort Worth, Texas-based company had posted multiple quarters of declining sales and losses amid a raft of new competitors like Wayfair Inc. On March 30, it canceled a scheduled auction for its assets, saying lenders would take ownership of the company. However, the company said it was still in discussions with various parties about how to maximize the value of its assets.
