Pier 1 is now a confirmed-plan chapter 11 case: the debtors’ amended joint plan was confirmed on July 30, 2020, after a first-day liquidity process built around DIP financing, cash-collateral use, and adequate protection for prepetition secured creditors through the Confirmation OrderDkt. 967.
The company entered chapter 11 on February 17, 2020, as a Fort Worth-based specialty home-furnishings retailer with a large store footprint and an import-heavy merchandising model, filing the main case through the Chapter 11 Voluntary PetitionDkt. 1. At filing, Pier 1’s restructuring was shaped by a secured capital stack of roughly $352.5 million, including ABL, term-loan, COLI-policy-loan, and Mansfield industrial-revenue-bond debt; the debtors immediately sought authority to borrow postpetition, use cash collateral, grant replacement liens and superpriority claims, and provide adequate protection under the DIP Financing and Cash Collateral MotionDkt. 25. The supporting financing declaration framed that relief as the bridge needed to operate in chapter 11 while managing the lenders’ collateral positions and near-term liquidity needs through the Savini Financing DeclarationDkt. 26.
The case then moved to a plan resolution in less than six months. On July 30, 2020, the debtors filed a second plan supplement tied to the amended joint chapter 11 plan through the Second Plan SupplementDkt. 964, and the court confirmed the “Amended Joint Chapter 11 Plan of Pier 1 Imports, Inc. and Its Debtor Affiliates” the same day through the . The available record does not identify an effective date or near-term hearing calendar, so the operative posture is a confirmed plan case with the restructuring path fixed by the July 2020 confirmation order.
